🔥 Bitcoin Dominance Breaking Out: Signaling Bitcoin Strength
Some time ago I made an analysis on BTC.D (Bitcoin Dominance) where I argued that the BTC.D was reversing from the bottom support area, which has historically ALWAYS caused sell-offs in the crypto markets.
As seen on the bottom chart, BTC.D is currently trading in a bullish triangle pattern, which is on the verge of breaking out on the bullish side. My expectation is that we're going to move back all the way towards the top resistance on the top chart, around 48%.
It's likely that BTC will see further bearish pressure arise during this period, since investors classically move their assets to crypto once bearish market conditions hit. However, we could also see another BTC-only rally like in 2019. Patience!
As seen on the bottom chart, BTC.D is currently trading in a bullish triangle pattern, which is on the verge of breaking out on the bullish side. My expectation is that we're going to move back all the way towards the top resistance on the top chart, around 48%.
It's likely that BTC will see further bearish pressure arise during this period, since investors classically move their assets to crypto once bearish market conditions hit. However, we could also see another BTC-only rally like in 2019. Patience!
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