π BTC Dominance Analysis β Important Levels to Watch! π₯
πΉChart Overview: This is a 2-hour BTC Dominance chart, and we can see that BTC dominance is currently trading inside an ascending channel. The price has been respecting both the upper and lower trendlines consistently.
πΉKey Observations: β Support & Resistance Levels:
BTC dominance is currently testing the lower trendline of the channel (around 61.73%).
The upper resistance zone is around 62.80%, which has been tested multiple times.
The lower support zone is around 61.50% β 61.60%, which has provided strong support in the past.
β Bullish Scenario:
If BTC dominance bounces from this support, we could see another move towards the upper trendline, targeting 62.50% β 62.80%.
Breaking above 62.80% would indicate strong BTC dominance, possibly leading to further correction in altcoins.
β Bearish Scenario:
If BTC dominance breaks below 61.50%, we could see a drop to 61.00% or even lower, which may result in a potential altcoin rally.
A breakdown from this ascending channel would indicate a shift in market dynamics, giving altcoins more strength.
πΉConclusion & Trading Strategy: π Watch for a strong bounce from the lower trendline for a possible long position on BTC dominance. π If BTC dominance drops below the channel, altcoins could start gaining momentum. π Keep an eye on BTC price action as well, since BTC dominance movements directly impact the altcoin market.
π BTC Dominance Analysis β Important Levels to Watch! π₯
πΉ Chart Overview:
This is a 2-hour BTC Dominance chart, and we can see that BTC dominance is currently trading inside an ascending channel. The price has been respecting both the upper and lower trendlines consistently.
πΉ Key Observations:
β Support & Resistance Levels:
BTC dominance is currently testing the lower trendline of the channel (around 61.73%).
The upper resistance zone is around 62.80%, which has been tested multiple times.
The lower support zone is around 61.50% β 61.60%, which has provided strong support in the past.
β Bullish Scenario:
If BTC dominance bounces from this support, we could see another move towards the upper trendline, targeting 62.50% β 62.80%.
Breaking above 62.80% would indicate strong BTC dominance, possibly leading to further correction in altcoins.
β Bearish Scenario:
If BTC dominance breaks below 61.50%, we could see a drop to 61.00% or even lower, which may result in a potential altcoin rally.
A breakdown from this ascending channel would indicate a shift in market dynamics, giving altcoins more strength.
πΉ Conclusion & Trading Strategy:
π Watch for a strong bounce from the lower trendline for a possible long position on BTC dominance.
π If BTC dominance drops below the channel, altcoins could start gaining momentum.
π Keep an eye on BTC price action as well, since BTC dominance movements directly impact the altcoin market.