Bitcoin once again on the 5th of November failed to close a daily candle above the resistance line on the dominance chart, which maintains Bitcoin’s dominance in a downtrend that started on September 2019. Bitcoin has a dominance of 64.92%, with both 40 and 200 EMA at somehow similar levels, 62.3%. Bitcoin is trading in a range of 15400-15600$. Failing to sustain these levels, it is expected that Bitcoin might fall to 14800$ levels. If Bitcoin closes a 4 hour candle above 15754$, breaking the ascending triangle formed right now, this will lead us to new highs, probably ranging between 16200-16440$.
Meanwhile, Ethereum is trading around 458$, on the daily chart, Ethereum broke out of the triangle -a bullish indicator-, aiming to reach new highs surpassing 469$. Falling below 449$ would lead us to range again between 435-450$. In the link below you will be able to see Ethereum’s Chart.
As mentioned previously, if Bitcoin falls to 14800$ range, this will lead to another dip on BTC dominance percentage, If BTC dominance holds above 62%, we will most probably see on last dip of Altcoins, and the start of a new Altseason.
Make sure to hold Altcoins with enough fundamentals, trading volume and market capital.
This is not a financial advice, please trade wisely, plan your trades and set your stoploss. Remember always that the trend is your friend.
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Thanks for your attention,
Crypto Army
