BTC Dominance falling, potential to hit 51%?
After reaching a double top on both the price and the RSI on the monthly chart, the Bitcoin Dominance has declined sharply. This resulted in BTCD falling out of a rising wedge or descending channel, whichever way you want to look at it. Following this move, we are breaking the first monthly support at around 63.6. The next 2 monthly supports are at 58 and 51.5%.
Will we reach 51%?
After this, supports are in the lower 40 area.
What strengthens this trend shift is that it's accompanied by many bullish signs for the altcoin marketcap, such as a multi-year pattern breakout which could rise further from 108 billion to 225 billion in the coming months (Also, see my daily fractal
and monthly fractal
shared in early January.
Will we reach 51%?
After this, supports are in the lower 40 area.
What strengthens this trend shift is that it's accompanied by many bullish signs for the altcoin marketcap, such as a multi-year pattern breakout which could rise further from 108 billion to 225 billion in the coming months (Also, see my daily fractal
and monthly fractal
shared in early January.
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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.
Related publications
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.