Bitcoin dominance could drop below 64% before a rise to 80%
Bitcoin dominance is trading inside the uptrend channel. Uptrend channel support is at 63.5%, and channel resistance is at just above 80%.
BTC.D could drop further and test support at 63.5% in the next few days.
If BTC.D manages to bounce from 63.5% then it could rise for the next few months, and it could reach above 80% which is also top of this uptrend channel.
63.5 should act as key support for BTC.D, losing this support will push this index down below 55% - and that could bring a bull season for altcoins/BTC pairs.
But Remeber, If BTC.D manages to hold 63.5% as support and bounce from this level then - it will sweep away many altcoin/BTC pairs, and they will make new all-time lows.
BTC.D could drop further and test support at 63.5% in the next few days.
If BTC.D manages to bounce from 63.5% then it could rise for the next few months, and it could reach above 80% which is also top of this uptrend channel.
63.5 should act as key support for BTC.D, losing this support will push this index down below 55% - and that could bring a bull season for altcoins/BTC pairs.
But Remeber, If BTC.D manages to hold 63.5% as support and bounce from this level then - it will sweep away many altcoin/BTC pairs, and they will make new all-time lows.
Trade closed: target reached