Bitcoin dominance is at a very critical point. Two scenarios can happen here. If BTC.D holds the 57% support, a huge move can happen with the dominance reaching 70%. If it loses that support, we can expect a double bottom with the dominance reaching 40-45%.
Since we saw a shadow and btc.d held the 54.5% support, it may strengthen the possibility of an upwards move (though it wasn't bullish enough to break the resistance and we had a bearish candle before that as well) so the market is in an uncertain state.
pay attention to the 60% resistance. The dominance couldn't break it the previous time, and it still needs to be broken.
For now, 55.80% can also be reached and we might see an attempt for breaking the resistance from there (with a lower chance), in that case the second scenario plays out and 70% can be reached (if the resistance is broken ofc)
BUT, if the support is lost, first this current support and then the 55.8%, it is more likely that we will see a double bottom (MTF).
This part is my speculation: I'm not bullish on BTC itself but I am bullish on Ethereum. If the dominance rises and the price falls, it will be a hard time for the whole market, but if the double bottom scenario happens for btc.d, we can see another drop in alts (not a huge one) with BTC reaching 70K then a good time for altcoins. However it's my theory and I might be wrong.
I hope the market sentiment shifts, and investors realize they shouldn't sell off everything when Bitcoin dips. If Bitcoin's dominance falling, Ethereum should not fall just because Bitcoin's price does. But it happens SMH
Since we saw a shadow and btc.d held the 54.5% support, it may strengthen the possibility of an upwards move (though it wasn't bullish enough to break the resistance and we had a bearish candle before that as well) so the market is in an uncertain state.
pay attention to the 60% resistance. The dominance couldn't break it the previous time, and it still needs to be broken.
For now, 55.80% can also be reached and we might see an attempt for breaking the resistance from there (with a lower chance), in that case the second scenario plays out and 70% can be reached (if the resistance is broken ofc)
BUT, if the support is lost, first this current support and then the 55.8%, it is more likely that we will see a double bottom (MTF).
This part is my speculation: I'm not bullish on BTC itself but I am bullish on Ethereum. If the dominance rises and the price falls, it will be a hard time for the whole market, but if the double bottom scenario happens for btc.d, we can see another drop in alts (not a huge one) with BTC reaching 70K then a good time for altcoins. However it's my theory and I might be wrong.
I hope the market sentiment shifts, and investors realize they shouldn't sell off everything when Bitcoin dips. If Bitcoin's dominance falling, Ethereum should not fall just because Bitcoin's price does. But it happens SMH
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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.