Bitcoin price hits $ 19,500 – BTC dominance still falls

Bitcoin continues to be bullish this week and is currently only around 4 percent below its all-time high. The increasing strength of many altcoins meanwhile causes a significant decline in BTC dominance.

The reserve currency can hold on to its bullish trend this week and will rise by around 6 percentage points on a weekly basis

Depending on the exchange, the BTC price is still three or 4.5 percent short of its all-time high. A price weakness is still not discernible. Bitcoin can now generate a new all-time high at any time. It will be exciting to see whether investors will cash in again in 2017 after the price crash from the then all-time high, or whether there will be a dynamic attempt to break out.

It is also important for investors to take into account that altcoins have also increased significantly in the past as soon as Bitcoin reached a new all-time high. The approaching all-time high in Bitcoin goes hand in hand with a new all-time high in the Dow Jones Index, which rose above 30 yesterday for the first time.

Bullish scenario (Bitcoin price)

The buying interest currently seems to continue unabated, any price setbacks are absorbed by the market and used for further purchases. If the bulls manage to enter the resistance area between 19,884 US dollars and 20,089 US dollars and also to overcome the daily closing price, a march through to the 200 Fibonacci extension at 21,113 US dollars should be planned.

If this resistance is overcome dynamically, a follow-up movement of up to 23,887 US dollars is conceivable. The maximum price target is still 26,664 US dollars (261 Fibonacci retracment). Investor sentiment is still not to be rated as greedy, and the relatively low Google search queries for the term Bitcoin do not yet indicate the hype as in 2017.

Bitcoin Dominance Rate (BTCD) Continues to Rise

BTCD is close to 68% resistance.

Supports at 62.5% and 57.5% are observed.

The rate shows short-term weaknesses.

The dominance of rate Bitcoin (BTCD) increased significantly in the last three months. He is now on the verge of reaching a significant resistance zone.

That said, the rate has begun to show some weakness, indicating that a short-term decline could take place before it resumes its upward movement.

Long-term levels of BTCD

Crypto Revolt has been rising since the end of August, after hitting a low of 57.21%. Its ascent continued above the 62.5% minor resistance zone, pushing the rate up to near its next resistance at 68%.

Technical indicators in the weekly data are bullish. MACD, RSI and Stochastic Oscillator are all on the rise. The Stochastic Oscillator also generated a bullish cross, and the MACD has just reached positive territory.

The long-term trend is therefore probably upward.

Cryptocurrency trader @TheEuroSniper shared a chart of Bitcoin’s dominance, saying the rate should show one last rise to 68% resistance before finally dropping steeply to 54%.

Its areas of support and resistance coincide with those we have highlighted. It is therefore a plausible scenario if the BTCD were to suffer a 68% rejection.

A possible rejection for the BTCD

The shorter-term, 12-hour chart supports the possibility of a rejection as it shows the BTCD completed a double top pattern. Both the RSI and MACD also exhibit bearish divergences.

Additionally, it looks like the BTCD has completed an extended third wave in a five wave bullish impulse. He is currently in correction in the fourth wave.

A plausible level for the end of the wave would be near 62.5%. This corresponds to the wave three 0.5 fibonacci retracement level, and the area of ​​minor support mentioned earlier.