Crypto Industry News:
The legendary trader and analyst Peter Brandt, who became famous, among others, for from the 2017 Bitcoin price crash forecast believes that the oldest cryptocurrency will soon dominate all the others. Brandt points to an already high, bullish consolidation in the BTC.D chart, which is likely to break out higher. Bitcoin dominance above 50%, according to the trader, would ultimately determine who is the "king of cryptocurrencies" and show would-be contenders to the throne where they belong.
According to Peter Brandt, who shared his analysis with nearly 700,000 followers on Twitter, the Bitcoin dominance chart is currently in a 24-month consolidation box. According to him, it is more likely to break the chart up, which will result in BTC.D soaring into new areas in the north.
Bitcoin's dominance is nothing new in the cryptocurrency market, however, and we've seen much higher levels than today. Historically, capital flows in this sector, and thus a new bull market, start with funds pouring into BTC, then they often go to Ethereum, then to the largest altcoins and at the very end - to everything else, for example mem-coins.
Technical Market Outlook:
The BTC/USD pair keeps trading lower after the swing high had been done at the level of $31,044, however the bulls are still in control of the market and are they keep pushing up. The current correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. If there is a breakout above the short-term trend line resistance, then the next target is seen at $30,004 and then at $30,561. Only a sustained breakout above the swing high might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued for next few days.
Weekly Pivot Points:
WR3 - $32,219
WR2 - $30,455
WR1 - $29,759
Weekly Pivot - $28,692
WS1 - $27,995
WS2 - $26,928
WS3 - $25,165
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
