Bitcoin dominance has been in a descending channel since the 5th of September 2019, a major turnback occured lately starting from the 1st of September 2020, almost one year since the pullback. The recent increase in BTC dominance caused a massive pullback in most of the altcoins, dumping hard after the pandemic crisis and with the latest BTC price action. Yesterday BTC dominance reached 66.57%, causing major pullback in most of altcoins traded with BTC.
As you can see in the below chart, BTC dominance is trying to pass through a descending trendline, breaking the resistance of 67% which could lead us to new highs of BTC dominance, and evidently will cause another major dump in altcoins.
BTC dominance Chart
Technical analysis shows that we may see in the next few days retracement of BTC price action to reach between 14832$-15377$ triggering the next bullrun of altcoins.
Since the 9th of October, ETHBTC has been trading in a descending wedge, the correction in BTC price action and news about ETH 2.0 may trigger ETHBTC pair to new ATH.
In the following chart you will be able to see the descending wedge. Based on technical analysis, support and resistance, the best possible entry maybe between 0.0263-0.0280. Targets are above 0.031 reaching 0.036 on midterm basis.
ETHBTC Chart
Finally thanks for your attention, trade wisely, plan your trades, set your stoploss. And let the profits roll
