I see two possible scenarios playing out:
The Bullish Scenario
The dominance goes lower and respects the current downtrend. This could either bounce off roughly 6% (this area has seen some interesting patterns in the chart) or just continue collapsing down. This would be bullish depending on if we don't have much trouble clearing the 5.8-6% range.
The Bearish...
Just remembering that the dominance of stable coins is inversely correlated to the price of other cryptocurrencies.
When dominance rises, the price of Bitcoin, Ethereum and other cryptos commonly fall.
We are on an ABC correction within the bearish leg of wave 5.
The yellow circles demonstrate an important pullback region, where we are right now.
The chart is...
Hello how are you?
On the long-term chart BTC follows a bullish channel.
It looks like he is testing the 38% Fibonacci retracement.
I placed the retracement considering the bottom of March 9, 2020 and the top of March 08, 2021.
Why did I consider these dates?
Explanation below.
BTC/USD indexed on Nasdaq
As Nasdaq is strongly correlated with BTC lately,
I...
