BTC Dominance ready for a strong bounce
Updated
BTC Dominance is currently sitting on the strong support and seems to be ready for a strong bounce. RSI currently oversold on daily timeframe.
It would make a lot of sense as we still expect alts to drop 50 % which most likely will happen if BTC dominance bounce from this key support.
From another hand, if BTC.D breaks down, we may see an alt season and some really nice gain. However, this scenario in our opinion is less likely . We also expect that ETH merge will be a sell event which may trigger the drop in value for other alts too. Be ready for a bloodbath.
If BTC.D bounces from the key support , we expect it to reach the upper boundary of the range and BTC.D would be at approx. 48 %
It would make a lot of sense as we still expect alts to drop 50 % which most likely will happen if BTC dominance bounce from this key support.
From another hand, if BTC.D breaks down, we may see an alt season and some really nice gain. However, this scenario in our opinion is less likely . We also expect that ETH merge will be a sell event which may trigger the drop in value for other alts too. Be ready for a bloodbath.
If BTC.D bounces from the key support , we expect it to reach the upper boundary of the range and BTC.D would be at approx. 48 %
Trade active
As expected. BTC.D is on the rise.More blood coming in the altcoins market
Note
The sentiment is ultra bearish, altcoins are bleeding , FTX scam etc. , there are new FUDs regarding Crypto.com, Huobi exchanges. We may see a huge capitulation in altcoin market. It would cause BTC.D rise.Note
BTC.D has been rising slowly. We expect it to accelerate soonTrade closed: target reached
BTC.D reached the target. We should see a mini alt season soon. However, if it breaks the resistance, altcoins will bleed more. Watch out.
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