A very interesting situation is now observed on such a ticker as 
BTCDOMUSDT.P - bitcoin dominance index released by Binance. It differs from 
BTC.D in that it shows bitcoin dominance to the top 20 altcoins.
On the weekly chart ofBTCDOMUSDT.P there is a very old AMEXP model from June 5, 2023, which essentially describes the entire current uptrend on this index. So within this model there was a target value of 100% level (2625.1), which has been a resistance for 112 days and during this time there were 4 attempts to test it.
In case we see a breakout, there may well be a very strong impulse, which will be accompanied by great volatility in the market.
What two scenarios could work at this point?
1️⃣ Index growth will be due to the fact that the top 20 altcoins will stand still/fall on the background ofBTCUSD growth.
2️⃣ Index growth will be due to the fact that the top-20 altcoins will fall faster thanBTCUSD will fall.
BTCDOMUSDT.P - bitcoin dominance index released by Binance. It differs from BTC.D in that it shows bitcoin dominance to the top 20 altcoins.On the weekly chart of
BTCDOMUSDT.P there is a very old AMEXP model from June 5, 2023, which essentially describes the entire current uptrend on this index. So within this model there was a target value of 100% level (2625.1), which has been a resistance for 112 days and during this time there were 4 attempts to test it.In case we see a breakout, there may well be a very strong impulse, which will be accompanied by great volatility in the market.
What two scenarios could work at this point?
1️⃣ Index growth will be due to the fact that the top 20 altcoins will stand still/fall on the background of
BTCUSD growth.2️⃣ Index growth will be due to the fact that the top-20 altcoins will fall faster than
BTCUSD will fall.Trade closed: target reached
The prediction turned out to be correct, as a result bitcoin's rise to dominance occurred on the fall of top altcoins and the rise of bitcoin 🚀
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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.
📈 Investing is easier than you're used to
🌐 tsfc.io
🌐 tsfc.io
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.