BITCOIN DOMINANCE UPDATE. TRIPLE BOTTOM FORMATION.
Welcome to this quick update on BTC Dominance in 3 days timeframe.
The dominance has taken a good momentum here and most likely it is going to reach 45% soon after which we may see a rejection. The BTC dominance is forming a triple bottom pattern which is a bullish sign but until and unless it breaks the 45% resistance level, we can't be sure about that. I believe within a week or two, the BTC dominance must reach 45%.
Here are two scenarios I can currently analyze:
Scenario 1: If BTC dominance reaches 45% resistance and breaks above it then it will possibly reach 50% to 55%.
Scenario 2: If the dominance gets rejected from 45% then a drop up to 39% is possible.
In both cases, dominance reaching up to 45% is imminent. I may be wrong but I am ready to take my chances.
What do you guys think about the dominance? Do you think it is bullish or bearish? Let me know in the comments.
The dominance has taken a good momentum here and most likely it is going to reach 45% soon after which we may see a rejection. The BTC dominance is forming a triple bottom pattern which is a bullish sign but until and unless it breaks the 45% resistance level, we can't be sure about that. I believe within a week or two, the BTC dominance must reach 45%.
Here are two scenarios I can currently analyze:
Scenario 1: If BTC dominance reaches 45% resistance and breaks above it then it will possibly reach 50% to 55%.
Scenario 2: If the dominance gets rejected from 45% then a drop up to 39% is possible.
In both cases, dominance reaching up to 45% is imminent. I may be wrong but I am ready to take my chances.
What do you guys think about the dominance? Do you think it is bullish or bearish? Let me know in the comments.
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