Why the Bitcoin Dominance chart may be warning traders of THIS shift!
Main Idea
The article analyzes Bitcoin Dominance (BTC.D) and altcoin market trends, suggesting potential shifts in trader strategies amid bullish conditions and Ethereum's resistance levels.
Key Points
1. Ethereum approached the $4K resistance level, with on-chain activity potentially sustaining demand and supporting predictions of a $6,000 price target.
2. The altcoin market cap has ranged between $1.34 trillion and $1.54 trillion since July, with potential for a breakout above $1.54 trillion.
3. Bitcoin Dominance (BTC.D) has been range-bound for three weeks, signaling caution for altcoin traders about potential profit-taking opportunities.
4. Ethereum's strong corporate demand could drive it to new all-time highs, despite current selling pressure.
5. The article highlights the need for traders to monitor BTC.D and altcoin market cap trends to assess risk and potential market shifts.
Description
Risk-averse traders can consider taking profits instead of betting on a breakout based on the altcoin market cap and BTC.D trends.
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