Where is Bitcoin Dominance headed?

29 Agu

BTC.D 1W chart;

Bitcoin Dominance has been moving horizontally at the same level for 3 weeks.

Let's not forget that the chart is weekly.

Although I think it will most likely return from the 58.25% level, I also stated that it may be better to go down after at least testing the 62.52% level above. The reason is that this will be very useful in the next bull cycle.

Considering the immediate level, it will start a downtrend with a close below the level indicated as +OB.

The noteworthy point here is the orange circle; the Golden Cross formed by the combination of 50EMA and 200EMA. This is a bullish sign.

However

After such a deep and prolonged decline, it would not be right to expect the chart to change direction and rise with the first Golden Cross. For this reason, I should mention that the level around 47% is important.

If the 47% level does not break sharply downwards, it may use this as support and start rising. If it breaks, we may see a decline up to 40%.