BTC Dominance is at its strongest resistance!!
Updated
Bitcoin Dominance (BTC.D) is currently the primary driver of the overall crypto market.
A clear break down and retest is what we can see from the chart.
Key Points:
BTC.D as a Market Indicator: The recent market dump is attributed largely to a surge in BTC.D. This suggests that investors are shifting their funds from altcoins to Bitcoin.
Waiting for a BTC.D Rejection: A rejection of BTC.D at the 56-57% level is seen as a potential catalyst for a broader altcoin rally. This implies that if Bitcoin dominance fails to sustain its upward momentum, it could signal a renewed interest in altcoins.
USDT.D as a Leading Indicator: While USDT.D has shown some signs of rejection, it hasn't been enough to trigger a sustained altcoin rally. This suggests that the market is still awaiting a clear signal from BTC.D.
Risk of Further Dump: If BTC.D breaks above the 56-57% level, it could indicate continued selling pressure on altcoins, potentially leading to a more significant market downturn.
In essence, the analysis asserts that the fate of the altcoin market is heavily dependent on the behavior of BTC.D. A downward correction in Bitcoin dominance could be the spark needed to ignite a broader altcoin rally.
A clear break down and retest is what we can see from the chart.
Key Points:
BTC.D as a Market Indicator: The recent market dump is attributed largely to a surge in BTC.D. This suggests that investors are shifting their funds from altcoins to Bitcoin.
Waiting for a BTC.D Rejection: A rejection of BTC.D at the 56-57% level is seen as a potential catalyst for a broader altcoin rally. This implies that if Bitcoin dominance fails to sustain its upward momentum, it could signal a renewed interest in altcoins.
USDT.D as a Leading Indicator: While USDT.D has shown some signs of rejection, it hasn't been enough to trigger a sustained altcoin rally. This suggests that the market is still awaiting a clear signal from BTC.D.
Risk of Further Dump: If BTC.D breaks above the 56-57% level, it could indicate continued selling pressure on altcoins, potentially leading to a more significant market downturn.
In essence, the analysis asserts that the fate of the altcoin market is heavily dependent on the behavior of BTC.D. A downward correction in Bitcoin dominance could be the spark needed to ignite a broader altcoin rally.
Note
This small red candle here can be as a rejection from this level.Note
Seems like a fake out to me, break down and confirmation below the line can ignite and explode the market.
Note
The bigger picture!!
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