Bitcoin Dominance (#BTC.D) Hits HH: What It Means for Altcoins

🌴 Paradisers, let's discuss the recent developments in the Bitcoin dominance (#BTCD) and its potential impact on the cryptocurrency market. 🌴

💎 The Bitcoin dominance recently reached a new higher high, hitting the 49.66% mark. This is an important milestone, as it signifies the breakthrough of a long-term resistance level. This breakthrough opens up the possibility for #BTCD to climb even higher, showcasing its strength in the market. 💎

💎 However, it's worth noting that the price of #BTCD has encountered resistance at the 261.8% Fibonacci level, suggesting a potential pullback in the near future. This correction could lead #BTCD to retrace back to the 48% area, allowing room for the Altcoins to flourish.

💎 If #BTCD manages to stay within the ascending channel, it is highly likely that we may witness an Altcoin Bloodbath after the pullback. This indicates a period where Altcoins could experience significant drop in a relatively short timespan. On the other hand, if #BTCD breaks below the 48% support and subsequently 47%, it could signify a greater potential for the Altcoin season to emerge.

💎 In summary, the overall trend remains strongly bullish for #BTCD, but a healthy pullback would not be surprising. If the pullback occurs, #BTCD could resume its rally and potentially target the resistance level at 52%, which aligns with a double Fibonacci level.

Trade closed: target reached:

💎 Bitcoin dominance has recently reached our projected resistance level and the top of the ascending channel, representing a significant milestone in its upward movement. This double Fibonacci resistance at 52% is a critical level to closely monitor, as it has the potential to create favorable conditions for altcoins to thrive.

💎Interestingly, instead of witnessing an altcoin bloodbath, we have observed a strong upside swing driven by #Bitcoin, rather than a continuation of the #Bitcoin correction. This has contributed to a relatively stable performance of altcoins in the market.

💎Paradisers, it is essential to consider several important factors, particularly the movements of #Bitcoin and BTC Dominance. While altcoins show relative stability, it is crucial to monitor the #BTCD as it reaches the projected resistance level. The ongoing rise in Bitcoin dominance could impact the altcoin market and potentially hinder the altcoin season.

💎It is an exciting time for altcoins, but the key factor to watch is whether #BitcoinDominance will continue to rise. The outcome will determine the extent of opportunities for altcoins to flourish.

As always, we will closely monitor these developments and provide you with valuable insights. Stay tuned, Paradisers, and make informed trading decisions! Your ParadiseTeam 🌴