In this episode of NewsBTC’s daily technical analysis videos, we are analyzing Bitcoin dominance (BTC.D) and how the top cryptocurrency might perform in the near term against altcoins.
Take a look at the video below:
VIDEO: Bitcoin Dominance Versus Altcoins (BTC.D): October 20, 2022
In addition to the video highlights listed below the video, we also analyze BTC.D using the Ichimoku, Average Directional Index, LMACD, and other technical tools.
Bitcoin Outperforms Altcoins During Sideways Phase
On daily timeframes, BTC.D is taking a short pause, but is mostly still bullish according to price action and technical indicators. Dominance is above the Tenkan-sen and Kijun-sen on the Ichimoku, while flipped bullish on the LMACD. The Average Directional Index at the bottom shows that trend strength is weakening on daily timeframes and bulls have the upper hand
Bitcoin is has been outperforming altcoins | Source: ETHUSD on TradingView.com
Related Reading: Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022
Why Altcoin Season Could Be Over For Some Time
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