Crypto Express

08/09 04:23

Warning signs from Bitcoin Dominance

The altcoin market capitalization has moved within a range since July. This range extended from $1.34 trillion to $1.54 trillion. At the time of writing, TOTAL2 was at $1.5 trillion. It has room to expand slightly before reaching to local range extremes.

In general, traders should expect a range to continue until it is broken. Betting on a breakout each time the candles approach the extremes could quickly prove disastrous.

Hence, until we see the altcoin market cap move past $1.54 trillion, traders wouldn’t want to bet on a breakout.

Bitcoin’s recent bounce from $113.1K this week saw many altcoins surge higher. Led by Ethereum, the sentiment across the crypto space was bullish.

Therefore, altcoin traders in long positions might want to book profits and wait for the next move.

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