Bitcoin and Dominance Review and Update #11 ?

in bitcoin •  2 months ago  (edited)

Bitcoin chart review



BTC and Dominance Chart Published By Philosof at TradingView

Comment: Bitcoin hit our main resistance target at 7170 - it was year close/open price, so I consider that SR the strongest at chart now. First hit resulted in rejection (bull trap), but price didn't really dumped after it (at least yet). But I think it will pullback to ~6500. And that will be a decisive moment, as falling lower may result in dump.


That wick hit ~6600. Possible bounce to 6870, but in general targeting 6500, so I stick to today's forecast.

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Resistance: 7170 ✅ - 7550 - 7800
Support: 6450 - 6200 - 5800 - 5300

Fear & Greed index: 14 (<= 14 <= 12 <= 12 <= 10 <= 12)
BTC Dominance: 65.5% (<= 65.3 <= 64.8 <= 65.3 <= 65.5)
24h Volume: $150 billion (<= 130 <= 106 <= 116 <= 108 <= 103)




Dominance wicked to 66 support and bounced. Now between 66 and 67. So far the market follows the same route, mostly short term bullish, but with readiness to pullback once dominance start to grow (which is actually not a sequence, but direct reflection).

March 27th post: BTC dominance reached important resistance level and bounced. It is possible that within next days it will be retracing to 66.5-67, so alts will grow. Use this moment wisely.


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