Bitcoin Dominance Technical Analysis
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the weekly chart technical analysis of Bitcoin Dominance.
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Currently, Bitcoin Dominance (BTC.D) retesting the channel trend line after a breakdown from it and bounced back from the support zone (Green) at 53.69% — 54.39%. BTC.D was moving in an ascending channel from August 2022 till May 2024.
Due to the upward movement of BTC.D after making support from the green zone to the ascending channel trend line, the alt market is heavily bleeding. That is why we always say every time you take a trade use stop loss because this market is very volatile.
If Bitcoin Dominance rejects from the channel and breaks down from the green zone we will see massive gains in the price of alt’s market and if it do inverse and did not break the zone in green moves upwards and breaks into the channel that will be a bad dream for the alt’s.
According to our analysis, we could see BTC.D pull back from here and we will see it moving towards the next levels and massive pumps in altcoins price.
Overall, we understand that BTC.D is currently in a bullish momentum. It is retesting the channel trend line and has rebounded upward from the support zone, indicating a bullish sign. However, if it breaks down from the support zone, it could shift to a bearish momentum.
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This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
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The Crypto City Trading Team
