BTC.D | When ALT Season?| Key Levels To Watch!
Hello Traders!
Today’s update will be on the dominance of Bitcoin, where it has recently been rejected from resistance, will the dominance return back to trend line and continue putting in higher lows, or will it break support, allowing us to have a potential ALT season ?
Points to consider,
- Overall trend putting in higher lows
- Major support at .50 Fibonacci
- Major resistance at .618 Fibonacci
- Stochastics projected upwards
- RSI in neutral territory
- EMAs providing resistance
- Volume above average
- VPVR holding dominance as support (largest cluster)
Bitcoin Dominance has been in a strong uptrend since early 2018, putting in consecutive higher lows. Major support is found at the.50 Fibonacci level which needs to hold, if broken then lower level, the .382 Fibonacci, is more probable of being tested. Major resistance on the other hand is found at the .618 Fibonacci level, a break of this level will put in yearly ATH for dominance.
The stochastics is projected upwards, can stay in these regions for an extended period of time, however does have lots of stored momentum to the downside, if BTC.D was to correct. The RSI however is currently neutral; it is hitting its resistance line, where a retest of support is probable.
The EMA’s are giving BTC.D resistance at current given time, this needs to turn bullish when price tests trend line to keep a bullish bias. VPVR as of now is holding price as support, key cluster is being tested, and a break will increase the likely hood of testing the .50 Fibonacci. Volume itself is above average, this signals that there is currently very strong buying and selling pressure in the market.
Overall, in my opinion, the BTC.D at current given time is more probable to test its overall trend line; this will put in another higher low. If BTC.D breaks support, then a retest of the .382 Fibonacci is highly probable, this will put emphasis on a potential ALT season.
What are your thoughts on BTC.D as of right now?
Please leave a like and comment,
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah
Today’s update will be on the dominance of Bitcoin, where it has recently been rejected from resistance, will the dominance return back to trend line and continue putting in higher lows, or will it break support, allowing us to have a potential ALT season ?
Points to consider,
- Overall trend putting in higher lows
- Major support at .50 Fibonacci
- Major resistance at .618 Fibonacci
- Stochastics projected upwards
- RSI in neutral territory
- EMAs providing resistance
- Volume above average
- VPVR holding dominance as support (largest cluster)
Bitcoin Dominance has been in a strong uptrend since early 2018, putting in consecutive higher lows. Major support is found at the.50 Fibonacci level which needs to hold, if broken then lower level, the .382 Fibonacci, is more probable of being tested. Major resistance on the other hand is found at the .618 Fibonacci level, a break of this level will put in yearly ATH for dominance.
The stochastics is projected upwards, can stay in these regions for an extended period of time, however does have lots of stored momentum to the downside, if BTC.D was to correct. The RSI however is currently neutral; it is hitting its resistance line, where a retest of support is probable.
The EMA’s are giving BTC.D resistance at current given time, this needs to turn bullish when price tests trend line to keep a bullish bias. VPVR as of now is holding price as support, key cluster is being tested, and a break will increase the likely hood of testing the .50 Fibonacci. Volume itself is above average, this signals that there is currently very strong buying and selling pressure in the market.
Overall, in my opinion, the BTC.D at current given time is more probable to test its overall trend line; this will put in another higher low. If BTC.D breaks support, then a retest of the .382 Fibonacci is highly probable, this will put emphasis on a potential ALT season.
What are your thoughts on BTC.D as of right now?
Please leave a like and comment,
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah