Bitcoin Dominance Chart Update !!
The Bitcoin Dominance Weekly Chart presents a comprehensive long-term view of BTC dominance.
Bitcoin dominance is moving within a long-term rising channel. The upper and lower trendlines of the channel have been tested multiple times, indicating a well-respected structure.
BTC dominance is approaching a key resistance zone between 57-58%. This zone has acted as both support and resistance in the past, as highlighted by the yellow box.
The recent upward momentum suggests a potential challenge of this resistance zone, but failure to break above it could lead to a reversal.
If BTC dominance is rejected from this resistance, it could start trending downwards within the channel, potentially retesting lower levels around 40-45% (as indicated by the red dotted line).
A decline in BTC dominance could signal strength in altcoins, as capital may flow from BTC to other cryptocurrencies.
If Bitcoin dominance breaks above the 58% resistance zone, we could see further gains up to the next major resistance near 64-65%, as suggested by the green dotted line.
This breakout would signify BTC outperforming other cryptocurrencies, potentially signaling market consolidation around Bitcoin.
This weekly chart is critical for understanding broader crypto market movements, as BTC dominance plays a key role in determining capital flows between Bitcoin and altcoins.
Would you like any further details or adjustments to this analysis?
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other altcoin.
@Peter_CSAdmin
Bitcoin dominance is moving within a long-term rising channel. The upper and lower trendlines of the channel have been tested multiple times, indicating a well-respected structure.
BTC dominance is approaching a key resistance zone between 57-58%. This zone has acted as both support and resistance in the past, as highlighted by the yellow box.
The recent upward momentum suggests a potential challenge of this resistance zone, but failure to break above it could lead to a reversal.
If BTC dominance is rejected from this resistance, it could start trending downwards within the channel, potentially retesting lower levels around 40-45% (as indicated by the red dotted line).
A decline in BTC dominance could signal strength in altcoins, as capital may flow from BTC to other cryptocurrencies.
If Bitcoin dominance breaks above the 58% resistance zone, we could see further gains up to the next major resistance near 64-65%, as suggested by the green dotted line.
This breakout would signify BTC outperforming other cryptocurrencies, potentially signaling market consolidation around Bitcoin.
This weekly chart is critical for understanding broader crypto market movements, as BTC dominance plays a key role in determining capital flows between Bitcoin and altcoins.
Would you like any further details or adjustments to this analysis?
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other altcoin.
@Peter_CSAdmin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.