Bitcoin Dominance update (based on previous EWT)
First of all, before you read this analysis, please read the previous analysis about bitcoin dominance on the related idea to help you understand more about it
Hello fellas, welcome back to the bitcoin dominance update. we have seen some manipulation has occured in the past few days, especially when we saw the price surged from $6500 region to roughly $7500 region. This $1000 movement occured only in 10 hours. Some analysts might think that the bearish market structure has ended and the bottom's already in. But, I really think that the the price is even far from the bottom for now.
Just look at the chart, I've modified the levels on the chart and the fibonacci retracement method that I'm using comparing my last analysis. I use the body to body connecting method on weekly chart to measure the fibonacci retracement levels because I think this condition can give me more confluence reasons and of course excluding the trap region which are the wick on the higher time frame can give us more conservative view on this chart.
Based on the elliot wave prespective, the dominance level has spiked up exactly after I gave my last analysis. it's currently at 70% levels and this region is however becoming a strong resistance for bitcoin dominance. This 70% level is the area of broken support that is now become resistance. Beside this, this is a golden pocket zone.
We've seen the first rejection of current resistance level and there is a potential of ABC pattern too. So, it may be the top of bitcoin dominance right now. And if I wrong about this, I see the 71% as the maximum region for the dominance to top.
Hello fellas, welcome back to the bitcoin dominance update. we have seen some manipulation has occured in the past few days, especially when we saw the price surged from $6500 region to roughly $7500 region. This $1000 movement occured only in 10 hours. Some analysts might think that the bearish market structure has ended and the bottom's already in. But, I really think that the the price is even far from the bottom for now.
Just look at the chart, I've modified the levels on the chart and the fibonacci retracement method that I'm using comparing my last analysis. I use the body to body connecting method on weekly chart to measure the fibonacci retracement levels because I think this condition can give me more confluence reasons and of course excluding the trap region which are the wick on the higher time frame can give us more conservative view on this chart.
Based on the elliot wave prespective, the dominance level has spiked up exactly after I gave my last analysis. it's currently at 70% levels and this region is however becoming a strong resistance for bitcoin dominance. This 70% level is the area of broken support that is now become resistance. Beside this, this is a golden pocket zone.
We've seen the first rejection of current resistance level and there is a potential of ABC pattern too. So, it may be the top of bitcoin dominance right now. And if I wrong about this, I see the 71% as the maximum region for the dominance to top.
