DOUBLE BOTTOM ON BITCOIN DOMINANCE.
Hello folks,
Welcome to this another important update on BTC Dominance in 3 days timeframe.
First of all, thank you everyone for being so supportive. I feel honored to help you guys with my charts and quality content.
In this Tradingview platform, I provide 100% original and thoroughly analyzed content. I like to keep things easy and simple for my viewers.
Now, let's get straight to the chart.
On this chart, we will be discussing both the bullish and bearish scenarios.
BTC.D formed a double bottom pattern and also broke above the trendline (drawn in a dotted line) and currently retesting. The interesting thing is that the dominance did not break above the 1st resistance level which makes things a little skeptical.
Currently, BTC.D is at the 50 MA support which is the 1st support level. A break down below this level will drop the price to 2nd support level which will be almost a 12% drop. If this happens then it'll surely boost the altcoins in a good way but the rejection won't be that easy. The dominance might have failed to break above resistance 1 but it is still above the support level 1 so we can expect a bounce as well.
In order to validate the double bottom pattern (shown in the image), BTC.D must break above resistance 1 and once that happens it will eventually try to test resistance 2 and you know what will happen if the dominance reaches resistance 2.
My biased is on the neutral side for the time being. I will lean to either the bullish or bearish side only after the confirmation.
Well, that’s all from my end. If you have any queries or doubts then do comment me on the comment box.
Also, let me know your thoughts on BTC.D.
Like, Share, and Comment.
Welcome to this another important update on BTC Dominance in 3 days timeframe.
First of all, thank you everyone for being so supportive. I feel honored to help you guys with my charts and quality content.
In this Tradingview platform, I provide 100% original and thoroughly analyzed content. I like to keep things easy and simple for my viewers.
Now, let's get straight to the chart.
On this chart, we will be discussing both the bullish and bearish scenarios.
BTC.D formed a double bottom pattern and also broke above the trendline (drawn in a dotted line) and currently retesting. The interesting thing is that the dominance did not break above the 1st resistance level which makes things a little skeptical.
Currently, BTC.D is at the 50 MA support which is the 1st support level. A break down below this level will drop the price to 2nd support level which will be almost a 12% drop. If this happens then it'll surely boost the altcoins in a good way but the rejection won't be that easy. The dominance might have failed to break above resistance 1 but it is still above the support level 1 so we can expect a bounce as well.
In order to validate the double bottom pattern (shown in the image), BTC.D must break above resistance 1 and once that happens it will eventually try to test resistance 2 and you know what will happen if the dominance reaches resistance 2.
My biased is on the neutral side for the time being. I will lean to either the bullish or bearish side only after the confirmation.
Well, that’s all from my end. If you have any queries or doubts then do comment me on the comment box.
Also, let me know your thoughts on BTC.D.
Like, Share, and Comment.
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