Bitcoin Dominance might continue dropping to 39%
Updated
Bitcoin Dominance might continue dropping to 39%
yesterday i published an idea about the Total2 (Crypto market-cap excluding Bitcoin) it was featured by Tradingview as a Editors Pick. you should check it out!
today i am looking at the Bitcoin Dominance chart to hopefully see how it correlates with my findings in the Total2 chart.
we can see here a ascending triangle which usually breaking to the upside 70% of times but we can see it broke down.
knowing that the break down target should be most likely nearby the low of the triangle i used Fibonacci tools to find confirmation for a target nearby. The Fib retracement helped me identify the obvious target of 39% which seems to be also confirmed by the Fib Circle.
So now i have 3 tools pointing me to the same target. Giving me confidence this could be in play.
Time will tell.. lets see..
yesterday i published an idea about the Total2 (Crypto market-cap excluding Bitcoin) it was featured by Tradingview as a Editors Pick. you should check it out!
today i am looking at the Bitcoin Dominance chart to hopefully see how it correlates with my findings in the Total2 chart.
we can see here a ascending triangle which usually breaking to the upside 70% of times but we can see it broke down.
knowing that the break down target should be most likely nearby the low of the triangle i used Fibonacci tools to find confirmation for a target nearby. The Fib retracement helped me identify the obvious target of 39% which seems to be also confirmed by the Fib Circle.
So now i have 3 tools pointing me to the same target. Giving me confidence this could be in play.
Time will tell.. lets see..
Comment
need to update as i have noticed a little mistake i made by placing the measured move target to the top of the triangle instead of to the breakout point.still that target is valid reaction point as it is the 1.618 retracement as well as the fib circle shows a valid pivot there.. but the target of the pattern break out is one level lower at the next fib circle .. i fixed it and added a 2nd red box to the final target.
Comment
BTC dominance reached an MRI bottom on the daily.. it’s s possible we see a bounce near term. Unfortunately i cant post not image here.Comment
We have reached our initial and first target. now I am curious if it keeps dropping to the measured move one fib circle lower.
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