BTC.D important zones of support and resistance!!
Updated
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Let's analyse BTC dominance:
BTC.D has recently broken below a significant 24-month support trend line, triggering a surge in the altcoin market. While a brief retest of this level is possible, BTC.D is currently trading within a rectangular pattern on the daily chart.
The 200-day EMA on the 3-day chart is identified as a crucial support zone, where a minor pullback may occur. Conversely, the 100-day EMA on the 3-day chart is seen as a key resistance level, likely capping any further upside in BTC.D.
Overall, the weakening Bitcoin dominance suggests a potential continuation of the altcoin rally. However, traders should monitor BTC.D's price action and key technical indicators for potential shifts in market sentiment.
Key Levels:
Support: 53.81%
Resistance: 53.20%
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Let's analyse BTC dominance:
BTC.D has recently broken below a significant 24-month support trend line, triggering a surge in the altcoin market. While a brief retest of this level is possible, BTC.D is currently trading within a rectangular pattern on the daily chart.
The 200-day EMA on the 3-day chart is identified as a crucial support zone, where a minor pullback may occur. Conversely, the 100-day EMA on the 3-day chart is seen as a key resistance level, likely capping any further upside in BTC.D.
Overall, the weakening Bitcoin dominance suggests a potential continuation of the altcoin rally. However, traders should monitor BTC.D's price action and key technical indicators for potential shifts in market sentiment.
Key Levels:
Support: 53.81%
Resistance: 53.20%
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Trade active
Perfect bounce from 200EMA.
candle close below 100EMA is anticipated.
Trade closed: target reached
Anticipating a rejection from here or a short-term bounce in BTC.D to around 59.70% which could form a wick within the current pattern. Following this, rejection is expected, potentially signaling the beginning of a downtrend or a shift in market dynamics.
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