CoinDesk Markets analysts concluded that the Bitcoin dominance index has already peaked and the so-called “altcoin season” will soon come.
In particular, experts found on the chart of market capitalization a doji candle with a long upper shadow, which is also called “Tombstone”. The appearance of such a pattern after an uptrend can mean a future change in trend.
#Altcoin #altcoinseason here … #BTC #dominancerate is looking toppy …
Daily candle with long upper wick + bear RSI divergence pic.twitter.com/oGZVzmuzFb
– CoinDesk Markets (@CoinDeskMarkets) August 23, 2019
In addition, analysts found a way out of the “triangle” of the RSI indicator values. Also, signals for a change in the decrease in the market share of bitcoin are observed on the four-hour chart of the dominance index:
#BTC #dominancerate
4-hour chart shows triangle breakdown pic.twitter.com/SgvQ9akDCW
– CoinDesk Markets (@CoinDeskMarkets) August 23, 2019
In a comment on a tweet, a Spigfish user expressed the opinion that with the start of the rally altcoins, Stellar (XLM) can show good dynamics, the price of which has declined to a key support level.
I think #altcoinseason is coming now.
XLM is having an interesting copy from last bottom on the weekly! #XLM pic.twitter.com/HJJG1UQG6I– Spigfish (@spigfish) August 23, 2019
According to CoinMarketCap, the current capitalization index is 68.6% , that is, at the level of early 2017.
Earlier, the legendary trader Peter Brandt expressed the opinion that it is unlikely that the scenario of 2017 will be repeated , when many other cryptocurrencies also rose in the background of the rapid growth of bitcoin.
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