Bitcoin Price and Dominance

١٨ أبريل ٢٠٢٣

Hello traders.

Sharing a Bitcoin analysis along with its dominance in the right panel.

🗓 Today (on 04/18) the price retraced to the exponential average of 21, in the 61.8% Fibonacci retracement.

💹 Continuing this bullish move, the next target by the Fibonacci projection would be at $ 31,387.00
Should there be a further correction, a possible entry point would be below the last low at $ up to $ 28,917.00, only after a confirmation of a bear trap.

🔎 Looking at the Bitcoin dominance chart on the right, we can see that the index is in an important region, testing the 200-period exponential moving average.

That said, we can outline the following scenarios:

🚀 🔴 If the crypto market continues to rise, but BTC dominance drops and does not break through this resistance, it means that Bitcoin will be performing worse against altcoins;

🚀 🔵 If the crypto market continues to rise, and BTC dominance rises, breaking this average, it means that Bitcoin price will perform better than altcoins;

🐻 🔵 If the crypto market undergoes a correction, and BTC dominance rises, it means that altcoins will be falling more than Bitcoin;

🐻 🔴 If the crypto market undergoes a correction, and the dominance of BTC falls, it means that Bitcoin will be falling more than altcoins.

I hope this helps.

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