Declining Bitcoin [BTC] Dominance Boosts Altcoin Rise, ETH and XRP Lead The Way
Bitcoin rebounded from another $1000 flash crash after registering a daily low of $17,671 on Sunday after breaking past the key resistance of $18,500. The king coin is currently trading at $18,705 registering a 2.30% rise over the past 24 hours. However, it is important to note that BTC is losing steam at the top after recording a new yearly high of $18,936.
Popular Twitter crypto influencer The Moon pointed out that bitcoin was forming a head and shoulder pattern on the one-hour price chart when it was trading at $18,652. The top cryptocurrency flash crashed soon after to $17,671.
#Bitcoin head and shoulders on the 1-hour timeframe.
If we break the neckline to the target of $18,100 then this confirms the bearish divergence on the 4-hour timeframe.
This could actually be the top. Thoughts? ???? pic.twitter.com/vDlR5SwOQ6
— The Moon ???? (@TheMoonCarl) November 21, 2020
Trader and market analyst who goes by the Twitter name of Fiat Jack pointed towards another factor which could lead to a price consolidation at the top for BTC. The analyst noted,
On-chain vs spot volume ratio is suggesting this rally is losing steam Admittedly, there is room left to the upside, but it seems off-chain volume has consumed the on-chain movements to a level of historical boundaries Consolidation or reversal usually follows shortly
On-chain vs spot volume ratio is suggesting this rally is losing steam
Admittedly, there is room left to the upside, but it seems off-chain volume has consumed the on-chain movements to a level of historical boundaries
Consolidation or reversal usually follows shortly pic.twitter.com/MJtFEAgrac
— //Fiat ????ack ???? (@BTC_JackSparrow) November 22, 2020
Bitcoin’s Falling Dominance Could Play in Altcoins’s Favour
Bitcoin dominance is on a continuous slide after breaking the key support of 67.18 on Saturday and is currently at 64.13. A falling dominance could play in favor of altcoins who came to the bull party
RIP $BTC dominance
LFG alts pic.twitter.com/gukhYHs3Ly
— Simon Dedic (@scoinaldo) November 23, 2020
Ethereum made the most of Bitcoin’s falling dominance as it registered a new yearly high of $594.58 after soaring more than 9% over the past 24 hours. The second-largest cryptocurrency could see a bitcoin price rally with little to no resistance until $800. The ETH price pump is also being attributed to the nearing ETH 2.0 launch date as the ETH 2.0 deposits soared to over 50%.
#ETH ???????????? TARGET 850$ pic.twitter.com/RDpoF0JH1K
— CRYPTO MOON (@cryptoo_moon) November 23, 2020
XRP made headlines on Saturday after a 40% price rally after it broke past the key resistance of $0.40. The third-largest cryptocurrency by market cap is currently consolidating above $0.462 after registering two year high of $0.493. XRP has been one of the least active altcoins when it comes to price gains over the past two years.
The third-largest cryptocurrency is currently look set for a bullish breakout and might climb further to register another yearly high.
$XRP
4H TFIn case you like to trade meme patterns#XRP pic.twitter.com/jXnLEjctOv
— Devchart ???????????? (@devchart) November 23, 2020
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