BTC Dominance - Bounce to safety or a fake-out above 50%?
Bitcoin price action today signals we may be in for some excitement. We breached the 56k level and moving confidently towards the key resistance at 58k.
In parallel the BTC dominance chart is giving us a clear sign we may be in for a rally whereby money will flow back to the king of crypto.
If you look at this chart, BTC has been loosing market dominance since December 2020 and we feel below 50%. However today we have a strong bounce and reversal combined with a strong price action on the USD pair.
What I like about this chart are several things:
1. MACD has crossed on the positive side on the histogram and the moving averages did a bullish cross = BULLISH
2. RSI almost fell out of the chart and now we're returning back up and we're painting a clear bullish divergence. If this is real, then we will likely shoot up soon = BULLISH
3. Reclaiming the 50% level was crucial, we just did it and if we have continuation BTC will pump... HARD.
I like this set-up and BTC is signaling that it's time to recover some of the ground lost to alts. We should at least get a decent bounce to 58% resistance level before continuing down. Let's see. If we pass 58% we're likely to pump hard and BTC will go to +100k.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
In parallel the BTC dominance chart is giving us a clear sign we may be in for a rally whereby money will flow back to the king of crypto.
If you look at this chart, BTC has been loosing market dominance since December 2020 and we feel below 50%. However today we have a strong bounce and reversal combined with a strong price action on the USD pair.
What I like about this chart are several things:
1. MACD has crossed on the positive side on the histogram and the moving averages did a bullish cross = BULLISH
2. RSI almost fell out of the chart and now we're returning back up and we're painting a clear bullish divergence. If this is real, then we will likely shoot up soon = BULLISH
3. Reclaiming the 50% level was crucial, we just did it and if we have continuation BTC will pump... HARD.
I like this set-up and BTC is signaling that it's time to recover some of the ground lost to alts. We should at least get a decent bounce to 58% resistance level before continuing down. Let's see. If we pass 58% we're likely to pump hard and BTC will go to +100k.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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