Welcome to this extensive analysis on BTC Dominance. If you are reading my updates for the first time , make sure you follow em if you want the most complex charts Explained in the most simplified manner. I also post margin and futures trade setups.
Now, let’s get to the chart. The index is currently retesting the BLUE MA which is bullish in the short term for both btc and altcoins. What's really important is a close above that back expanding channel. Breakout and retest would confirm a new bullish rally throughout the market and possibly a new ATH in BTC. For that to happen it needs to close above the $1.92 trillion mark and retest it successfully.
CONCLUSION:- Mcap must break and close above the red resistance cluster and retest it successfully for a new bullish rally. The expanding channel is a bullish pattern all we need is a breakout and retest.
What do you thunk of this chart? Do share your views the comment section and so not forget to hit the like button.
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The two blue circles can denote a double bottom formation in this chart. Which is another bullish signal!