BTC Dominance has found support at around 62% with a very nice bullish candle today. Will this hold? I think yes since BTC price action is also looking bullish while ETH is a bit bearish lately, hence, a good setup to see BTC shine again. See my ETH and BTC ideas for that linked below.
The next resistance levels are on the chart, likely we can push pretty easily to 66%, after that we will see what happens.
If however we lose our support (dotted line) then BTC is in trouble, but that seems unlikely.
Indicators on daily are also starting to curve so another 2-3 green daily candles will re-ignite the bullish momentum on BTC dominance = BTC price goes UP and alts suffer a bit.
Lets see how this day ends and then re-assess later.
@klimauk, Yes, market changed from yesterday, however alts are falling harder, so BTC can gain market cap including in a bear trend.
abel11
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so good, you are perfect analysing charts
JJMa
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Saw this myself, Complex head and shoulders seems to have hit the target, very close to objective and bounced. Sold a bit of ETH into BTC on the way up to the peak this weekend, hoping for favourable exchange rate on that pair in the next few weeks to convert a bit back. Nice work!
@DU09, Cheers! Not done yet, will monitor the situation for the correct time to convert a bit back. Ultimately I want more BTC and more ETH, but in order to get that, I have to have the courage and the right set-ups to do this over time. So when it is time, I will convert slightly less BTC back into ETH, and have more of both. A fair bit of risk involved and I would advise only doing this with a small percentage of the account in case of error. I still might be wrong on this, but I am willing to risk a bit.