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

Tony "The Bull" Severino

1 year ago

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.

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

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

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.

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

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

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Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.