Daily BTC Dominance Update
BTC is currently in a downtrend against the rest of the market, both in the long and short time frames. It's worth noting that the price is at previous resistance (multiple points) and is reacting to this level. A reversal is possible but there is no clarity as to which way the price will move from here. The ADX is showing no significant trend is currently dominating the price movement. With the ADX as low as it is we can have no confidence in any of the other indicators. We need to accept that we will be sticking to the existing previous trend (down) until we get a signal to the contrary.
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