This weekend saw one attempt by Bitcoin to break the $11000 barrier by taking advantage of the gap that Ethereum left with its sudden attempt to reach the $400 price level.
If both attempts failed and proved harmless against the US dollar, the effect on the Bitcoin/Ethereum interrelationship charts has not been the same. Bitcoin has significantly benefited and has won half the game in terms of market dominance.
The Bitcoin dominance chart shows three straight days of gains that confirm an upward break from the previous downward trend.
We can now expect the movement to be upward with a medium-term target at the 64% level of dominance, where significant price congestion resistance will soon match the 200-day simple moving average (SMA200). The MACD indicator presents an aggressively bullish profile, only threatened by the presence of the zero levels that divides the bullish and bearish zones. The process of crossing this level in the MACD is always complicated and can even slow down the movement.
The big question in the short and mid-term is how the increase in Bitcoin's market share will affect the crypto board as a whole. The two expected scenarios imply that Bitcoin will behave better than the rest of the market. But it is not yet clear whether it will do so with a market moving upwards – optimism on the future of Bitcoin – or with generalised price falls – pessimism towards the future of the Altcoin segment.