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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin
Reading Time: 3 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we are analyzing Bitcoin dominance (BTC.D) and how the top cryptocurrency might perform in the near term against altcoins.

Take a look at the video below:

VIDEO: Bitcoin Dominance Versus Altcoins (BTC.D): October 20, 2022

In addition to the video highlights listed below the video, we also analyze BTC.D using the Ichimoku, Average Directional Index, LMACD, and other technical tools.

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Related Reading: Is The Final Wave In Ethereum Up Next? | ETHUSD Analysis October 19, 2022

Bitcoin Outperforms Altcoins During Sideways Phase

On daily timeframes, BTC.D is taking a short pause, but is mostly still bullish according to price action and technical indicators. Dominance is above the Tenkan-sen and Kijun-sen on the Ichimoku, while flipped bullish on the LMACD. The Average Directional Index at the bottom shows that trend strength is weakening on daily timeframes and bulls have the upper hand

BTC.D_2022-10-20_16-12-30

Bitcoin is has been outperforming altcoins | Source: ETHUSD on TradingView.com

Related Reading: Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Why Altcoin Season Could Be Over For Some Time

On weekly timeframes using the same tools, we can see that dominance has only just turned bullish against altcoins, and the Average Directional Index is hinting that this trend could soon strengthen. On the Ichimoku, dominance is above the Tenkan-sen, but not the Kijun-sen, making it the next logical target.

Moving to monthly timeframes, Bitcoin dominance is also bullish against alts on the LMACD, and the ADX shows that altcoin season could be cooling off for some time. The Ichimoku isn’t very telling, but much like weekly timeframes, the Kijun-sen above could make for a possible next target.

BTC.D_2022-10-20_16-11-43

But the trend could just be beginning | Source: ETHUSD on TradingView.com

Related Reading: A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022

Can Alts Hold Onto 50% Of Crypto Dominance?

Additional trend line TA shows that BTC dominance possibly retested the neckline of a years old inverse head and shoulders pattern, which includes the early 2018 alt season peak that came shortly after Bitcoin topped in December 2017 at $20,000. Shockingly, Bitcoin is trading below that level some five years later.

If Bitcoin dominance does reverse hard against altcoins, the line in the sand to watch for is around 52% dominance. Above there would trigger the first ever monthly buy signal of Bitcoin against altcoins. 

BTC.D_2022-10-20_16-09-11

Will BTC recapture 50% of crypto market share? | Source: ETHUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: Altcoin Seasonbitcoinbitcoin dominancebtcbtc.dbtcusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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