Bitcoin dominance is currently at 62.24%, a level it has reached during the latest bullish wave in a three-year continuous uptrend. This coincides with the formation of an all-time high in the recent fifth wave.
Current Situation Analysis:
Bitcoin Dominance Level: Bitcoin dominance indicates the percentage of control Bitcoin investors hold. When Bitcoin dominance is high (as it is here at 62%), it signifies that Bitcoin investors control the market, supporting the uptrend. 📈
Uptrend: The three-year continuous bullish wave indicates the strength of the current trend. 🚀
Fifth Wave: In Elliott wave theory, the fifth wave often represents the end of an uptrend. Therefore, the formation of an all-time high in this wave may indicate an approaching trend reversal. 📉
Predictions:
The market may target the 65.70% level before it begins to reverse. 🎯
A daily close below the 60.30% level may signal the beginning of a change in the uptrend, with an initial target at 52.5%. 📉
Notes:
Technical analysis is one tool among many used by traders and investors. 📊
Bitcoin dominance analysis is part of the market analysis tools that contribute to decoding trades. 🔍
Financial markets are volatile and cannot be predicted with absolute accuracy. ⚠️
Recommendations:
Monitor the mentioned support and resistance levels (65.80%, 60.30%, and 52.5%). 👀
Use other technical analysis tools to confirm signals. ✅
Consider other factors that may affect the market, such as economic news and political events. 📰
Always exercise caution in trading. 🚨
Current Situation Analysis:
Bitcoin Dominance Level: Bitcoin dominance indicates the percentage of control Bitcoin investors hold. When Bitcoin dominance is high (as it is here at 62%), it signifies that Bitcoin investors control the market, supporting the uptrend. 📈
Uptrend: The three-year continuous bullish wave indicates the strength of the current trend. 🚀
Fifth Wave: In Elliott wave theory, the fifth wave often represents the end of an uptrend. Therefore, the formation of an all-time high in this wave may indicate an approaching trend reversal. 📉
Predictions:
The market may target the 65.70% level before it begins to reverse. 🎯
A daily close below the 60.30% level may signal the beginning of a change in the uptrend, with an initial target at 52.5%. 📉
Notes:
Technical analysis is one tool among many used by traders and investors. 📊
Bitcoin dominance analysis is part of the market analysis tools that contribute to decoding trades. 🔍
Financial markets are volatile and cannot be predicted with absolute accuracy. ⚠️
Recommendations:
Monitor the mentioned support and resistance levels (65.80%, 60.30%, and 52.5%). 👀
Use other technical analysis tools to confirm signals. ✅
Consider other factors that may affect the market, such as economic news and political events. 📰
Always exercise caution in trading. 🚨
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.
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.