First of all sorry that my chart is not looking too messy and there are no weird indicators nor anything.
We have only two possible scenarios for bitcoin’s dominance.
1) The bearish pattern you can clearly see is broken after 2 years so two things might happen here: 1-1: BTC.D can have 60% touched in the coming days as a pullback to the broken resistance but what happens afterwards will be important.
1-1: if the pullback is confirmed ethereum will finally shine along with many altcoins.
the target for the dominance will be 45-48%.
What can happen afterwards: the price will keep moving in the pattern until a real breakout happens which will likely result in new lows for the dominance.
2) If the pullback is ruined and we see the support lost it will mean the pattern had a fake breakout & that would mean this current pattern is not a reversal one:
2-1: we can see new highs for the dominance if this is confirmed,
The target will be 70-72%. If bitcoin price falls too the market will bleed.🩸
But what can happen afterwards, two scenarios again:
1) Since the price will touch the top of the long-term trading range we can see the dominance moving towards the bottom again.
2) A double bottom will be confirmed, depending on the situation then, if dominance fails to break the shoulder at around 57% we can see even new highs but the chance of this happening is below 10% lol unless ethereum is destroyed lol.
So that’s all. I recommend yall to wait if you want to buy anything. And note that btc.d can go up and the price can still fall so beware and dyor.
Thanks for reading this.
We have only two possible scenarios for bitcoin’s dominance.
1) The bearish pattern you can clearly see is broken after 2 years so two things might happen here: 1-1: BTC.D can have 60% touched in the coming days as a pullback to the broken resistance but what happens afterwards will be important.
1-1: if the pullback is confirmed ethereum will finally shine along with many altcoins.
the target for the dominance will be 45-48%.
What can happen afterwards: the price will keep moving in the pattern until a real breakout happens which will likely result in new lows for the dominance.
2) If the pullback is ruined and we see the support lost it will mean the pattern had a fake breakout & that would mean this current pattern is not a reversal one:
2-1: we can see new highs for the dominance if this is confirmed,
The target will be 70-72%. If bitcoin price falls too the market will bleed.🩸
But what can happen afterwards, two scenarios again:
1) Since the price will touch the top of the long-term trading range we can see the dominance moving towards the bottom again.
2) A double bottom will be confirmed, depending on the situation then, if dominance fails to break the shoulder at around 57% we can see even new highs but the chance of this happening is below 10% lol unless ethereum is destroyed lol.
So that’s all. I recommend yall to wait if you want to buy anything. And note that btc.d can go up and the price can still fall so beware and dyor.
Thanks for reading this.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.