A detailed look at btc.d and its two most likely paths from here
BTC.D is on the precipice. It looks to be dropping first to monthly support at 37.64%, then possibly breaking through the low and pulling a .272 extension down to 30%.
On the macro scale, the thick red line at the top represents a monthly resistance level that btc will never again get above (on any meaningful time period). The long-term trend is downward for this chart, and only in periods of contraction of this market will BTC.D make the most gains. Since crypto itself is currently in a long-term uptrend cycle, we will see much lower lows from this chart before we ever again test the 64% range.
The monthly support at 37.64% has never been tested before. Once it falls to that level we will see one of two things.
The first would be a ranging move from btc as BTC.D breaks through the level and moves much lower. This will trigger the next epic alt season where alts will gain 100's of percentage points until we drop to the lower box at around 30% dominance.
However, I believe that on the first test of this bottom monthly support level we will see a massive move from btc. This will bring dominance back up in the short term toward the top of the downtrend channel.
There is a ton of confluence at the 56% level in 1-2 months from now, so we will use that as our target level. Since the biggest and quickest jump in BTC.D will come from a massive crash, it seems highly likely that is how we will get the spike back up to that level.
On the macro scale, the thick red line at the top represents a monthly resistance level that btc will never again get above (on any meaningful time period). The long-term trend is downward for this chart, and only in periods of contraction of this market will BTC.D make the most gains. Since crypto itself is currently in a long-term uptrend cycle, we will see much lower lows from this chart before we ever again test the 64% range.
The monthly support at 37.64% has never been tested before. Once it falls to that level we will see one of two things.
The first would be a ranging move from btc as BTC.D breaks through the level and moves much lower. This will trigger the next epic alt season where alts will gain 100's of percentage points until we drop to the lower box at around 30% dominance.
However, I believe that on the first test of this bottom monthly support level we will see a massive move from btc. This will bring dominance back up in the short term toward the top of the downtrend channel.
There is a ton of confluence at the 56% level in 1-2 months from now, so we will use that as our target level. Since the biggest and quickest jump in BTC.D will come from a massive crash, it seems highly likely that is how we will get the spike back up to that level.
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