BTC Dominance - Support held AGAIN! What does that tell us?
BTC dominance has been re-testing the support at 61% a few times now and the indicators on daily are starting to curve up. Volume is looking healthy as well so there seems to be increased interest in BTC as it's about to crack 50k resistance.
If that happens, I expect dominance to shoot up as BTC price pumps higher.
On the bearish side, re-testing this support line again and again is not good and it may fall which will take us to 57% dominance, however alts are overextended and there is a pause in the market right now while trades wonder what will happen next, more pumps or a dump?
For now I remain bullish on BTC which should push us higher on dominance. A pull back on BTC will likely drag all market down, more so than any BTC correction.
Lets see what happens next!
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If that happens, I expect dominance to shoot up as BTC price pumps higher.
On the bearish side, re-testing this support line again and again is not good and it may fall which will take us to 57% dominance, however alts are overextended and there is a pause in the market right now while trades wonder what will happen next, more pumps or a dump?
For now I remain bullish on BTC which should push us higher on dominance. A pull back on BTC will likely drag all market down, more so than any BTC correction.
Lets see what happens next!
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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