If I were to trade Bitcoin Dominance (BTCDOM), I would sell now.

Bitcoin Dominance (BTCDOM) has formed a distinctive double top at 2380, a key level marked by a bearish divergence observed in the MACD oscillator. While a strong support zone has emerged around the psychological level of 2000, a critical shift could be underway.

It's important to note that BTCDOM has breached below the 50 Moving Average on a 3-Day chart, signaling a departure from its recent trend. The convergence of a bearish MACD divergence and the breach below the Exponential Moving Average (EMA) paints a picture of potential weakness in the BTC dominance dynamics.

The emphasis on this potential weakness raises a flag, presenting a reasonable selling opportunity. This decision is bolstered by the recognition of a solid risk-to-reward ratio, underlining the strategic nature of the suggested trade. Traders, take note – the current technical signals suggest that now might be the opportune moment to act on a bearish outlook for Bitcoin Dominance.
Bitcoin (Cryptocurrency)bitcoindominanceBTCbtcdomChart PatternscryptopammcryptosignalsdownTechnical IndicatorsSELLshortTrend Analysis

📱 Telegram: t.me/Tradexcel
Also on:

Related publications

Disclaimer