📈 Bitcoin Dominance Clearly Set To Move Above 53% to 58%
At times, charts can be quite difficult to read yet at other times, the end-message can be quite clear.
Bitcoin Dominance (BTC.D) is giving out a clear message and that is up.
Mid-March, BTCD moves above EMA100 weekly on a major green candle. The action that ensues is what makes the message clear.
For the next month and a half, 6 sessions/candles, BTCD consolidates by going sideways... 100% sideways.
After 6 weeks of consolidation, the index is now moving up.
This is supported by a very strong RSI.
Volume is low, which means that the real, strong action is yet to come.
On a bearish bias/potential, we would see a test and retest of EMA10 and EMA100 as support, instead, bullish consolidation then up.
We can expect additional growth with the next target being MA200 at 53.53%, followed by EMA300 at 57.99%.
Mirror image from the March/May 2021 drop.
First we go down...
Then we go up!
Namaste.
Bitcoin Dominance (BTC.D) is giving out a clear message and that is up.
Mid-March, BTCD moves above EMA100 weekly on a major green candle. The action that ensues is what makes the message clear.
For the next month and a half, 6 sessions/candles, BTCD consolidates by going sideways... 100% sideways.
After 6 weeks of consolidation, the index is now moving up.
This is supported by a very strong RSI.
Volume is low, which means that the real, strong action is yet to come.
On a bearish bias/potential, we would see a test and retest of EMA10 and EMA100 as support, instead, bullish consolidation then up.
We can expect additional growth with the next target being MA200 at 53.53%, followed by EMA300 at 57.99%.
Mirror image from the March/May 2021 drop.
First we go down...
Then we go up!
Namaste.
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