Bitcoin Dominance approaching key resistance area, let's see the reaction and I am hoping it to get rejected on this area and ALT might get some bounce!
If we are going to see further downsides on Bitcoin dominance, these are the likely points of descent price will reach
Yellow - Extra Alt Season
Red - Super Alt Season
I believe we will see similar recovery patterns comparable to 2018 peak altszn
Price in red circles shows Fib circle strength (price tends to move along the circle)
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Hi guys..its the latest analyze chart of BTC.D in 4H time frame .if you are interested any crypto that you want analyze with me and any questions please do not hesitate and comment below the chart!
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The scenario which i personally wanna see, we're seeing lots of alts are popping in recent times and if BTC dominance fall to 62 we'll definitely have alt-season.
The macd indicator has produced a hidden bullish divergence, producing lower lows while price produces higher lows. This could lead to an 'altcoin purge' if this hidden divergence holds and dominance is pushed high enough. Do your research!
Currently hanging under 50MA on the weekly chart even though a bullflag has formed on a shorter timeframe i believe the larger timeframe will prevail, this is supported by the bearish alligator which is currently 'eating'.
A bullflag has formed on bitcoin dominance it has formed between an EMA level and a MA level, which looks quite satisfying. A breakout of this flag would push dominance up to roughly ~68% at the purply grey EMA level. Personally i think bitcoin dominance will eventually < over time, as alt coin projects gain public attention and get off the ground.
At the moment, the chart looks pretty bearish, the trend line is broken and right now its price is testing in the role of resistance. I can assume that if all the same, the price does not overcome this resistance, the price will go down to test support levels.
