Bitcoin continues to assert its dominance – test 45% is next.
This is a continuation of the analysis on the BTC dominance pattern discussed on January 21st 2022.
Back then, the dominance of Bitcoin had just broken the resistance of a descending trend (orange line) at ~40.7%
Since then, Bitcoin dominance has continued to move to the upside given increased market volatility.
The expected price action of BTCUSD (see BTCUSD analysis posted March 3rd 2022) suggests that it may rally up to 59k.
This potential price move to
59K would result in a test of the resistance imposed by a descending trend of BTC dominance observed in the larger timeframe (yellow line) at ~45% (red circle).
In turn, this move to the upside may drive an altcoin season that would bring the dominance down.
Back then, the dominance of Bitcoin had just broken the resistance of a descending trend (orange line) at ~40.7%
Since then, Bitcoin dominance has continued to move to the upside given increased market volatility.
The expected price action of BTCUSD (see BTCUSD analysis posted March 3rd 2022) suggests that it may rally up to 59k.
This potential price move to
59K would result in a test of the resistance imposed by a descending trend of BTC dominance observed in the larger timeframe (yellow line) at ~45% (red circle).In turn, this move to the upside may drive an altcoin season that would bring the dominance down.
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