BTC MegaResistance at 7600???
Once again BTC is testing the resistance from the falling wedge that BTC has failed two break twice already. I believe BTC has the potential to break this, but it will be more probable for BTC to take a dip once again as RSI still has not fallen bellow 40 on the weekly, and I believe with the crazy run up BTC had it would only make sense for us to dip into the low 30's. Second in the market we have been seeing cycles over the past couple of years in which every coin gets its share of the market. For the first time though have we seen BTC lose so much of its dominance in the market, but I don't think that it should have happened so quickly. If you have been paying attention, BTC dominance dipped all the way down to 35% and is down making its way to 60%, prior to the crypto explosion BTC average about 80% of the market, and it would only make sense to me if we touched at least 70% one more time. Now, that's not something that will happen instantly, and the only way it will happen is if BTC doesn't break this resistance and heads down. People trust BTC as a more "safe" investment in the crypto market and as trust is lost everyone throws their money into BTC. So in conclusion nobody knows whether it is going up or down and I say the safest play here is to stay in till 7600, once BTC reaches 7300, place a stop loss at 7250. That way if BTC ends up dipping you won't lose much and if it goes up you're set.
This is not financial advice.
Good luck!!!
This is not financial advice.
Good luck!!!
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