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!