Bitcoin Dominance
Updated
Hello!
I did make an update from this same resistance line and EMA 200 before and it did work as an resistance. I believe I did say in that that usually the 5th or sixth time breaks the resistance. This is not of course an certainty but what I have seen it often works like this. Anyways the rule goes that the more times support or resistance is hit the weaker it usually gets.
Chart is on weekly timeframe so it should be quite strong resistance and there is also 200 Ema which both has been tested 4 times.
I do think we might actually break these Dominance levels but we shall see if we stay on top of it before Christmas or New Year.
It does look like there is alot of buying power and BTC is still in strong bull and has done some crazy moves before.
This is not financial advice.
If you do take trades use stop loss or you will get your ass burned.
First mistake beginner traders do is take too big risk.
Peaceful Christmas for everyone!
- Jebu
If you find this helpful you can support me with ETH
0xe952157B141E809b6377E61DBE8Dd85EDF7fc0e2
I did make an update from this same resistance line and EMA 200 before and it did work as an resistance. I believe I did say in that that usually the 5th or sixth time breaks the resistance. This is not of course an certainty but what I have seen it often works like this. Anyways the rule goes that the more times support or resistance is hit the weaker it usually gets.
Chart is on weekly timeframe so it should be quite strong resistance and there is also 200 Ema which both has been tested 4 times.
I do think we might actually break these Dominance levels but we shall see if we stay on top of it before Christmas or New Year.
It does look like there is alot of buying power and BTC is still in strong bull and has done some crazy moves before.
This is not financial advice.
If you do take trades use stop loss or you will get your ass burned.
First mistake beginner traders do is take too big risk.
Peaceful Christmas for everyone!
- Jebu
If you find this helpful you can support me with ETH
0xe952157B141E809b6377E61DBE8Dd85EDF7fc0e2
Note
Be careful lads. We are quite high.
There is forming an bearish divergence on Daily RSI if we don't break this. (not shown on this picture) But if we look how many times we have hit this resistance, this will be 7th. So we might get a break out..
Around 22 400 works as a small support. If we brake it and close under the first stronger support we see is around 19 900
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