Bitcoin Dominance - Raise-Up or Fall-Down ?
Bitcoin dominance in a larger view shows the inflow of market money into the Bitcoin currency.
As you can see in the chart, this indicator has returned from the above 49% range twice in the 4-hour time frame and has been unable to break the 50% or higher resistance.
Bitcoin dominance index was growing in an uptrend, but now with this price return, it has reached the bottom of this uptrend and has complete a twin-top pattern, which is more likely to break this pattern from the bottom than the top.
Therefore, if this Pattern breaks downwards, it can be reduced from the same green support range to the red resistance area in the range of 45%.
This decrease can be interpreted in two ways:
The first case - a decrease in BTC dominance with the withdrawal of money from the market, which will be equal to the fall in prices in the majority of market cryptocurrencies.
The second case - a decrease in BTC dominance with an increase in the dominance of altcoins (Total 2 Index), which can be done by placing the price of bitcoin or reducing it slightly along with the significant growth of altcoins.
To better understand what will happen with a higher percentage, let's take a look at Dominance Teter to better understand the process of money entering and exiting the digital currency market.
As you can see in the chart, this indicator has returned from the above 49% range twice in the 4-hour time frame and has been unable to break the 50% or higher resistance.
Bitcoin dominance index was growing in an uptrend, but now with this price return, it has reached the bottom of this uptrend and has complete a twin-top pattern, which is more likely to break this pattern from the bottom than the top.
Therefore, if this Pattern breaks downwards, it can be reduced from the same green support range to the red resistance area in the range of 45%.
This decrease can be interpreted in two ways:
The first case - a decrease in BTC dominance with the withdrawal of money from the market, which will be equal to the fall in prices in the majority of market cryptocurrencies.
The second case - a decrease in BTC dominance with an increase in the dominance of altcoins (Total 2 Index), which can be done by placing the price of bitcoin or reducing it slightly along with the significant growth of altcoins.
To better understand what will happen with a higher percentage, let's take a look at Dominance Teter to better understand the process of money entering and exiting the digital currency market.
Trade closed: target reached:
1st Target Achieved and will meet the next one in Aug.
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