BTC.Dominance and BTC / USDT (Binance) , possible correlations
BTC.Dominance and BTC / USDT (Binance)
the current state of correlation between Bitcoin and its dominance chart is very tense and I expect a significant market movement soon.
I will start with the BTC.Dominance chart, where I follow the pattern (bullish pennant), from which we expect the impulse to move upwards. In practice, this could mean a shot towards an important resistance zone (red). The dominance is almost in the apex of the triangle, but the very bullish signal that I follow in this chart is a combination of BK 77 and 231 at 4H, which make strong support dominance. Also in a few hours there will be a bullish cross (77 through 231), which can also support the bullish sentiment graph.
In the event of a UP breakthrough, this movement could be accompanied by a downtreat on the BTC and a strong rejection on the altcoins / shitcoins. It will be very important to monitor the response to this resistance, as a longer and more extensive correction structure is expected in case of breakage and confirmation of support alts.
Otherwise, the BK combination will not hold, the BTC could continue sideways / slightly UP, and the alts will experience additional pumps, but may take a relatively longer time. The closest support is quite low from the current value, so we can experience another mini-bullrun on alto.
4h BTC.D:
But what does this mean for BTC?
In the triangle dominance may still experience less UP movement, which could help the BTC to arrive at a bearish AB = CD pattern with a PRZ of around $ 9195 where rejection and downward reflection may occur. I do not rule out a variant (and it would be logical to see the completion of this impulse movement up) that the BTC will go for resistance and another fibo value of AB = CD with a PRZ between 9350 $ -9380 $. There should already be a reaction and rejection of the BTC, which could cause a shot of dominance into targets and flushing altcoins.
4h BTC Chart:
the current state of correlation between Bitcoin and its dominance chart is very tense and I expect a significant market movement soon.
I will start with the BTC.Dominance chart, where I follow the pattern (bullish pennant), from which we expect the impulse to move upwards. In practice, this could mean a shot towards an important resistance zone (red). The dominance is almost in the apex of the triangle, but the very bullish signal that I follow in this chart is a combination of BK 77 and 231 at 4H, which make strong support dominance. Also in a few hours there will be a bullish cross (77 through 231), which can also support the bullish sentiment graph.
In the event of a UP breakthrough, this movement could be accompanied by a downtreat on the BTC and a strong rejection on the altcoins / shitcoins. It will be very important to monitor the response to this resistance, as a longer and more extensive correction structure is expected in case of breakage and confirmation of support alts.
Otherwise, the BK combination will not hold, the BTC could continue sideways / slightly UP, and the alts will experience additional pumps, but may take a relatively longer time. The closest support is quite low from the current value, so we can experience another mini-bullrun on alto.
4h BTC.D:
But what does this mean for BTC?
In the triangle dominance may still experience less UP movement, which could help the BTC to arrive at a bearish AB = CD pattern with a PRZ of around $ 9195 where rejection and downward reflection may occur. I do not rule out a variant (and it would be logical to see the completion of this impulse movement up) that the BTC will go for resistance and another fibo value of AB = CD with a PRZ between 9350 $ -9380 $. There should already be a reaction and rejection of the BTC, which could cause a shot of dominance into targets and flushing altcoins.
4h BTC Chart: