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Bitcoin Dominance - The King May Need a Break

CRYPTOCAP:BTC.D   Market Cap BTC Dominance, % (CALCULATED BY TRADINGVIEW)
While Bitcoin continues to rise and reclaim market dominance, nearly all altcoins have failed to keep up with the pace. This has resulted in nearly all BTC alt pairs to plummet into the abyss with little or no sign of support.

While searching for BTC alt support, and since this market likes to move together, it makes sense for Bitcoin Domiance data to play as an excellent source of information. Therefore I decided to take a closer look and I noticed a familiar pattern.

From my experience, the 200% fib level is not a supper common area to find support or resistance, however looking at the fib levels I have placed above, it seems to be a common variable with Bitcoin Dominance.

Taking these levels into account, along with:
  • 70% dominance area showing historical resistance
  • Momentum divergence
  • Volume exhaustion
  • Near buyer exhaustion
I would say from a technical standpoint, that BTC dominance may be in for a slight correction from the 70% level.

I hope you all found this article interesting and maybe even a little helpful!
I wish you all the best of luck!
Comment: All found occurrences of the 200% level
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Comments

Could you do an up-to-date study of Altcoin? Dominance? Marketcap. With regard to a possible alt season. Thank you very much. God be with you
Reply
Well done! good list of points to keep in mind
Reply
plz check my share ideas on treading view
Reply
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