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Bitcoin Dominance Technical Analysis
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the Daily technical analysis of Bitcoin Dominance.
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Currently, Bitcoin Dominance (BTC.D) stands at approximately 55.23%. After breaking out from the rising channel it makes support at 53.73% and bounces back to retest the rising channel and is now at the resistance zone in blue at 55.11% to 55.27%. Historically this zone acts as a strong zone, multiple times BTC.D is rejected from here.
At the moment Bitcoin.D is facing 3 resistances
1 Zone marked with blue
2 Rising channel.
3 Trend line
Due to this upward movement of BTC.D, the alts market is havely bleeding. That is why we always say every time you take a trade use stop loss because this market is very volatile.
Previously as we told you there is the possibility that BTC.D could bounce back from the green zone at 54.17% and we will see the price decline in alts now they are bleeding.
According to our analysis, we could see BTC.D pull back from this zone in blue and there is a possibility that it will break the green zone at 54.14% to 54.24%. After a pullback from the blue zone, we will see bullish moves in altcoins.
Overall, the bitcoin dominance is in bullish momentum, if these 3 resistances break out, that is very bad news for the altcoin market. There are many levels marked, Traders should watch these key levels closely to gauge the next directional move in Bitcoin’s market dominance.
Be patient and wait for the right moment to capitalize on the market movements.
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This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
Stay tuned to The Crypto City Trading Newsletter for more in-depth analyses, market insights, and expert guidance. As always, we strive to empower you with the knowledge and tools needed to navigate the fast-paced world of cryptocurrency trading. Happy trading!
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The Crypto City Trading Team