Bitcoin Continues Dumping but Maintains Dominance

August 29, 2019 8:32 PM UTC

The Bitcoin bears have seen enough continuation today after the 4-hour chart bear flag was confirmed. The rest of the market, however, isn’t doing much better and Bitcoin has been able to maintain it’s dominance over the rest of the altcoins. Currently Bitcoin stands at a 69% dominance in terms of Market Cap.

The 4-hour chart confirmed a bear flag and the bears saw a good amount of continuation with two candlesticks with increasing bear volume. The bulls are trying to bounce off but haven’t had much luck yet. The RSI has been oversold for some time now but the bulls are unable to push the price back up.

The Daily chart still has 2 support levels to offer for the bulls, the closest one at $9165 and the other at $9060. The bears would need to break both support levels in order to really set the pace for a longer term daily downtrend.

The weekly chart is still currently in an Equilibrium Pattern and the bears have broken below the 12 day EMA convincingly this time, however, the weekly candlestick isn’t closed yet.

 

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