Top 3 Bitcoin, Ethereum, Ripple: BTC loses dominance as altcoins gain traction

  • Bitcoin price has remained somewhat stable in the last two months trading between $50,000 and $60,000. 
  • The altcoin market had a significant recovery gaining more than $240 billion in market capitalization in the last week.
  • Bitcoin’s dominance fell to 48.4% while Ethereum continues outperforming.

The cryptocurrency market remains in a significant uptrend after a massive $300 billion market capitalization recovery in the past two weeks. Ethereum is slowly outperforming Bitcoin as the flagship cryptocurrency remains quite stable.

Bitcoin price must climb above key level for a chance to new all-time highs

On the daily chart, Bitcoin price is getting rejected from the 26 EMA resistance level which is a significant barrier on the way up. A breakout above $55,610 could quickly drive Bitcoin price toward $57,233 at the 78.6% Fibonacci retracement level.

btc price

BTC/USD daily chart

Climbing above this Fib level can easily push the flagship cryptocurrency toward its previous all-time high at $64,854 as there is almost no resistance ahead. 

btc price

BTC IOMAP chart

However, the In/Out of the Money Around Price (IOMAP) chart shows a robust resistance area between $54,443 and $56,000 where 1.5 million addresses purchased almost 800,000 BTC. 

The most critical support area is located between $49,522 and $51,163 which means Bitcoin price could touch this range.

Ethereum price faces massive sell signals

The TD Sequential indicator has presented a sell signal in the form of a green ‘9’ candlestick on the 6-hour chart and two green ‘8’ candlesticks on the 4-hour and 12-hour charts. 

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ETH/USD Sell Signals

Considering that the TD Sequential already presented a sell signal in-between both charts, the likelihood of both green ‘8’s to transform into two more sell signals is significantly high. 

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ETH IOMAP chart

The IOMAP chart shows only one significant support area between $2,413 and $2,451 where 8 million ETH was purchased by 274,000 addresses. Confirmation of all three signals can quickly send Ethereum price down here. 

XRP price needs to stay above this level 

On the 4-hour chart, XRP price had a breakout from a descending wedge pattern with a price target of $1.61 in the longer-term. This target has not been met yet and XRP trades just at the 100 SMA level. 

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XRP/USD 4-hour chart

If XRP price can see a notable 4-hour candlestick close above the 100 SMA at $1.40, then it will likely jump toward $1.61. 

However, if the 100 SMA is lost, the digital asset can quickly fall to $1.1, as it is the previous resistance trend line.

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