Hello guys, here's a weekly update on the BTC Dominance chart.
We can see BTC is trying its best to maintain and stay above the $28k support level and on the other hand, the BTC Dominance is breaking all the ceilings. In the hourly and daily chart, the dominance is increasing and the picture isn't clear enough to understand where the resistance is. But in this weekly chart, we can actually see resistance 1 at 49.9% and resistance 2 at 52.9%. It is interesting to see that resistance 1 (49.9%) is the same resistance level from where the BTC.D got bounced and rejected multiple times in the past and once when the BTC.D broke above the R1 level, it made support at 52.9% which is now a resistance 2 level.
If we are expecting a bounce in the market then these are two resistance levels from where the BTC dominance should get rejected. Also, if BTC is completely bearish with a possibility of getting rejected below then our expectation then the BTC dominance can aim towards the 69% range which will be a 76% rally from the lower support trendline.
So, let's be vigilant cause the next move in the market will surprise us.
Thank you.
We can see BTC is trying its best to maintain and stay above the $28k support level and on the other hand, the BTC Dominance is breaking all the ceilings. In the hourly and daily chart, the dominance is increasing and the picture isn't clear enough to understand where the resistance is. But in this weekly chart, we can actually see resistance 1 at 49.9% and resistance 2 at 52.9%. It is interesting to see that resistance 1 (49.9%) is the same resistance level from where the BTC.D got bounced and rejected multiple times in the past and once when the BTC.D broke above the R1 level, it made support at 52.9% which is now a resistance 2 level.
If we are expecting a bounce in the market then these are two resistance levels from where the BTC dominance should get rejected. Also, if BTC is completely bearish with a possibility of getting rejected below then our expectation then the BTC dominance can aim towards the 69% range which will be a 76% rally from the lower support trendline.
So, let's be vigilant cause the next move in the market will surprise us.
Thank you.
