06:30:01 PM 03/24/21
Bitcoin Dominance Update

Bitcoin Dominance is bouncing from the long horizontal support line and also tests the psychological support of 50%. There are two possible scenarios now.

This is the comparison of the 2017 bull run and 2021 bull run. The above chart is of the 2017 bull run where BTC take the support of 50 MA (yellow line) multiple times and finally broke below it and tested the 111 MA (orange line). After the test of 111 MA, BTC bounced back and started a new rally.

The same pattern is found in the 2021 bull run. BTC tested the 50 MA multiple times and broke below it and tested the 111 MA. BTC is now all set to start a new rally. History rhythms itself and if the chart repeats we see $100,000 in the next 2-3 months. Keep Learning, Keep Earning😊

The first one is that Dominance bounced from here and test the 58% resistance area and if breaks above it we see a retest of 64% resistance area. In that case, alts will bleed in the BTC pair.

The second case is that Dominance breaks and closes below the 50% area. That will trigger the targets of 45% area and after that 40% area. This is bullish for alts and we see a good altseason in BTC pair. However, there is a low probability that Dominance goes to the 40% level sooner.

Alts market is going parabolic since January 2021 and we see huge gains in the alts market already. Check any altcoin chart and you see a parabolic move without any correction. We expecting a correction in the alt market before the next rally start. We will continue to find TA + FA gems that will give good returns in every situation. Happy Earning 😊