BITCOIN DOMINANCE BREAKOUT???
Hello folks,
Welcome to this exclusive BTC dominance chart in 8 hours timeframe.
First of all, thank you for following and supporting me on the Tradingview platform. It means a lot to me. Through this platform, I am being able to provide quality content and exclusive updates for you all. So keep supporting and show your love for the community.
Now, let's get back to the chart.
We all know that BTC dominance was under the falling wedge pattern since 31st July 2021. It is exactly 48 days & 8 hours and now finally we can see a breakout above the resistance level. Yes! A breakout of the falling wedge pattern clearly indicating a formation of a new rally, a rising wedge pattern.
Wait! But how can you be so sure? it can be a fake-out as well!
Yes, I agree with that. I may be wrong and this could be a fake-out or a trap but we can't simply ignore it. We need to pay close attention to the dominance and in this chart, we are going to do that.
* The first thing we need to notice is the bouncing level, BTC.D bounced back from 40.43 level close to the same level where the last dominance bounced on 18th May 2021.
* The second thing to observe will be the moving averages. In this chart, the blue line indicates the 21 MA and the yellow 50 MA. It is close enough to make a bullish crossover.
* The third thing will be the breakout. Like I said this could be a fake-out as well but at least we can wait for the confirmation.
If we are really entering the new rally towards the upside then we can expect BTC.D to reclaim the 50% level within no time. But if in any case, this analysis is invalided and the dominance falls then we may see it below the 40% level reaching the 39% or even lower levels.
All we need to do is wait for the confirmation. The dominance must hold and close above the resistance level.
That's all for the update. If you find this useful then do like and share.
What's your thought on the BTC.D? Is it the end of the falling wedge? Is BTC.D going to form a rising wedge pattern?
Do comment your ideas in the comment box.
Welcome to this exclusive BTC dominance chart in 8 hours timeframe.
First of all, thank you for following and supporting me on the Tradingview platform. It means a lot to me. Through this platform, I am being able to provide quality content and exclusive updates for you all. So keep supporting and show your love for the community.
Now, let's get back to the chart.
We all know that BTC dominance was under the falling wedge pattern since 31st July 2021. It is exactly 48 days & 8 hours and now finally we can see a breakout above the resistance level. Yes! A breakout of the falling wedge pattern clearly indicating a formation of a new rally, a rising wedge pattern.
Wait! But how can you be so sure? it can be a fake-out as well!
Yes, I agree with that. I may be wrong and this could be a fake-out or a trap but we can't simply ignore it. We need to pay close attention to the dominance and in this chart, we are going to do that.
* The first thing we need to notice is the bouncing level, BTC.D bounced back from 40.43 level close to the same level where the last dominance bounced on 18th May 2021.
* The second thing to observe will be the moving averages. In this chart, the blue line indicates the 21 MA and the yellow 50 MA. It is close enough to make a bullish crossover.
* The third thing will be the breakout. Like I said this could be a fake-out as well but at least we can wait for the confirmation.
If we are really entering the new rally towards the upside then we can expect BTC.D to reclaim the 50% level within no time. But if in any case, this analysis is invalided and the dominance falls then we may see it below the 40% level reaching the 39% or even lower levels.
All we need to do is wait for the confirmation. The dominance must hold and close above the resistance level.
That's all for the update. If you find this useful then do like and share.
What's your thought on the BTC.D? Is it the end of the falling wedge? Is BTC.D going to form a rising wedge pattern?
Do comment your ideas in the comment box.