THELOGICALINDIAN - Bitcoin Dominance Could Soon Reverse Against Altcoins
Unlike antecedent Bitcoin pullbacks, altcoins are acerb underperforming the bazaar baton during this latest leg lower. Ethereum has slid 8% lower while BTC has alone a bald 4%.
According to Willy Woo, an on-chain and abstruse Bitcoin analyst, this trend of altcoins underperforming BTC is set to abide in the weeks ahead. He aggregate the blueprint beneath on August 24th, which shows that the Bitcoin ascendancy metric is abreast to bounce:
Core to his bullish affect about altcoins is a bullish alteration that has formed amid the amount activity and the RSI of the Bitcoin dominance. Woo additionally aggregate a volume-focused indicator, which suggests that the altcoin assemblage apparent over the accomplished few months is on its aftermost legs.
More Volatility Is Coming
Further suppressing the bullish altcoin anecdotal is the approaching animation in the Bitcoin market.
Josh Olszewicz, analyst at Brave New Coin, acclaimed beforehand this ages that Bitcoin’s Bollinger Bands are extensive levels not apparent in abounding weeks. =This indicates that the crypto bazaar will anon see an arrival of volatility.
The Bollinger Bands are a arbiter abstruse apparatus acclimated to denote animation and important amount levels for an asset. Back the bands are skinny, animation is expected; back the bands are wide, there may be alliance as amount allotment to the average band.
As apparent today alone, altcoins do underperform back Bitcoin undergoes volatility.
