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๐Ÿ“ˆ Daily TA: BTC Dominance Rate| 20-10-2020

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cryptospa
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Hello, dear members of LeoFinance!

As you have already noticed, almost the whole crypto market is in the red zone. However, the price of Bitcoin continues to increase. And this is really a very interesting event. That's why today I will comment on the chart of Bitcoin Dominance rate.

So, in the daily chart (1D), BTC Dominance has been fluctuating within a downtrend (descending channel) for the last approximately 12 months: Nevertheless, as can be seen from the chart, recently BTC Dominance rate rebounded from the lower line of the channel and now is heading to the upper line of the channel.

To be honest I won't be surprised if BTC Dominance rate breaks through the upper line of the channel and reaches the starting level of the descending channel - a level of approximately 72%.

To be continue ...

So, fellow LeoFinancier, what do you expect from BTC Dominance rate?

p.s. at the time of writing BTC Dominance rate is at the level of 61.66%, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.

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