Bitcoin Dominance currently is trying to break the neckline of a a possible double bottom pattern that are forming in the monthly frame!
- the monthly candle is going to close after 3 days, if the breakout happen it will be a nightmare for Altcoins as Bitcoin will dominate the liquidity.
- the increase of bitcoin dominance doesn't mean bitcoin is going to be bullish, increasing in bitcoin dominance could be bullish or bearish regarding the bitcoin price.
- for BTC.D the current resistance is 48.4%.
- if a breakout happened, the next resistance is at 51% and overall double bottom pattern target is going to be 58%.
- we must not ignore the idea that a fake breakout could happen as crypto market is very highly manipulated market. so, you have to stick to a good risk and capital management plan.