Bitcoin dominance is currently testing a critical resistance level near 61.5%, with multiple wicks poking above but no decisive breakout as of yet. While it's worth noting that Bitcoin dominance isn't a tradeable metric—there are no orders on the books—it can still serve as a valuable sentiment indicator for the broader crypto market, particularly in gauging the relative strength of altcoins versus Bitcoin.
Historically, dominance at resistance often signals a potential pause or reversal, suggesting that Bitcoin's outperformance against altcoins may face some challenges here. However, a confirmed breakout above this level could indicate further liquidity flowing into Bitcoin at the expense of altcoins. Traders should watch for either a strong rejection or a sustained breakout to glean insights into the next potential trend for altcoins in relation to Bitcoin.
Historically, dominance at resistance often signals a potential pause or reversal, suggesting that Bitcoin's outperformance against altcoins may face some challenges here. However, a confirmed breakout above this level could indicate further liquidity flowing into Bitcoin at the expense of altcoins. Traders should watch for either a strong rejection or a sustained breakout to glean insights into the next potential trend for altcoins in relation to Bitcoin.
info@thewolfoallstreets.io
إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
info@thewolfoallstreets.io
إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.