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Is the market still bullish?




The whole crypto market has been falling for a few days. The Bitcoin price is below the $ 50,000 mark with a target of around $ 34,773. But what does the complete crypto market look like? Will the Bitcoin course or other Altcoins perform better?

Total crypto market capitalization at a glance


The market capitalization has formed an ABC sequence. This had the initial target at +/- $ 2.091 trillion. The course then rose further than the target but was then corrected. We would have expected the price to react upwards sooner, but the price continued to decline until the next GoldenPocket.


Since the course has been corrected up to the drawn-in GoldenPocket, a new possible ABC sequence has been created. The sequence targets +/- $ 2.669 trillion and +/- $ 3.301B - $ 3.689B. Since the first target is +/- $ 2.669B, we would not completely ignore the target from the lean ABC sequence and assume another correction beforehand. Target from the minor, purple sequence, is $ 2,458B - $ 2,669B.

Will the Altcoins outperform Bitcoin in the crypto market?


If we look at the Bitcoin dominance, we can see that the Bitcoin dominance has been corrected up to the GoldenPocket and reacted bullishly there. Furthermore, the dominance is currently forming a doji in the weekly chart, which indicates a trend reversal. The altcoin dominance is also currently hitting a doji and also has a bearish divergence in the RSI. Thus we would expect the altcoin dominance to retest the former resistance at +/- 11.02%. Then the Bitcoin dominance would increase with the following goals: 58% and 60%. Since we assume that Bitcoin dominance will increase, Bitcoin could outperform other Altcoins.

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