Bitcoin Dominance: A Slow and Steady Rise 1D (Jun. 1)
X Force Global Analysis:
In this analysis, we explore the Bitcoin dominance chart in order to determine the probable cases of Bitcoin and altcoins that have been on a bullish rally.
Analysis
- Bitcoin dominance is trading within an ascending parallel channel, forming higher lows and higher highs
- Within the ascending channel, we are consolidating in a smaller descending channel
- This is a textbook bullish flag pattern, and it is expected that we see a potential breakout
- Dominance is reaching close to the ascending trend line support and the 0.382 Fibonacci retracement support
- The Relative Strength Index (RSI) is at neutral levels, having formed higher lows and higher highs as a sign of strength
- The Moving Average Convergence Divergence (MACD) also shows decreasing bearish histograms, and a potentiality for a golden cross
What We Believe
Essentially, this indicates that capital that has flown from Bitcoin to certain promising altcoins, may flow back into bitcoin, leading altcoins to a bearish trend. A breakdown from the ascending parallel channel would negate this theory.
Trade Safe.
In this analysis, we explore the Bitcoin dominance chart in order to determine the probable cases of Bitcoin and altcoins that have been on a bullish rally.
Analysis
- Bitcoin dominance is trading within an ascending parallel channel, forming higher lows and higher highs
- Within the ascending channel, we are consolidating in a smaller descending channel
- This is a textbook bullish flag pattern, and it is expected that we see a potential breakout
- Dominance is reaching close to the ascending trend line support and the 0.382 Fibonacci retracement support
- The Relative Strength Index (RSI) is at neutral levels, having formed higher lows and higher highs as a sign of strength
- The Moving Average Convergence Divergence (MACD) also shows decreasing bearish histograms, and a potentiality for a golden cross
What We Believe
Essentially, this indicates that capital that has flown from Bitcoin to certain promising altcoins, may flow back into bitcoin, leading altcoins to a bearish trend. A breakdown from the ascending parallel channel would negate this theory.
Trade Safe.
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