Any altcoin chart will say how the BTC alternatives are rekt at the moment. While bitcoin dominance has hit its highest levels for over two years, its counterparts are still melting down. But market cap charts may reveal that things could be about to change.
Bitcoin Remains Range Bound
BTC has spent the weekend trading in a tight channel between $10,300 and $10,600. There has been little momentum in either direction but an approaching golden cross on the four-hour chart could signal further upsides.
In terms of market dominance, bitcoin is still strong at above 72% according to Tradingview.com. It has been over 70% for more than a month now but this does appear to be forming a resistance level. This may be about to change for the altcoins which are still in detox from their 2017 bubble.
Chart analysts ‘Willy Woo’ has been taking a look at relative market shares for both bitcoin and the altcoins. He has noted that long term support is being tested and indicators suggest they are massively oversold.
“Altcoin vs Bitcoin cap now two weeks into being tested on its 6.5 year support line. Weekly RSI is more oversold than its entire history (has been since July!)”
The story of global alt markets in a series of charts…
Altcoin vs Bitcoin cap now two weeks into being tested on its 6.5 year support line. Weekly RSI is more oversold than its entire history (has been since July!) pic.twitter.com/OUW8mBaEV8
— Willy Woo (@woonomic) September 8, 2019
He added that the current support level could serve as an inflection point for altcoin prices. However, the longer-term picture may spell further declines.