Bitcoin Dominance Rate (BTCD) has been declining since its peak at the beginning of the year. There were now strong signs that the uptrend was reversing. At the moment, the Bitcoin Dominance Rate is expected to find support near 60% and start an upward movement.

 

 

Bitcoin Dominance rate long term levels

BTCD continued its decline, which started with the rejection of the long-term 71.5% resistance area on January 3, 2021.

Currently, BTCD is approaching the 0.382 Fib support with 58.5% in an area that was the catalyst for the previous upward movement that started in September 2020.

Technical indicators are slowly declining, but has yet to confirm that the trend is reversing. This may be particularly evident with the fact that the RSI has gone below 50. However, the MACD is above 0 and the Stochastic oscillator has not shown a bearish trend yet.

 

Short term prospects

The daily chart offers a higher view.

BTCD is located in a very likely reverse zone between the 0.618 and 0.786 Fib retracement levels between 60.7% and 63.5%. This is also a horizontal support area that caused a significant jump at the end of November 2020.

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Technical indicators are also on the rise. The RSI has created a bullish trend, the Stochastic oscillator has just shown a bullish trend and the MACD has signaled a bullish reversal.

This indicates that the descent is coming to an end and the BTCD should move up soon.

The short term charts support this and show that a decline towards 60.70% is expected.

BTCD appears in the last lower wave of an A-B-C corrective structure, with a target between 60.42% and 60.84% ​​using Fib projections and external retreats.

 

BTCD Wave Number

 

Altcoin Index

Cryptocurrency trader @Altstreetbet summarized an Altcoin Perpetual Index (ALTPERP) chart, stating that it may continue its upward movement in the near future.

Since then, ALTPERP has emerged from the $ 1,680 resistance area and is currently in price discovery.

Before the upward move came the hidden bullish divergence in the RSI. However, both the MACD and Stochastic RSI show signs of weakness.

Therefore, while the trend is still rising, it is slowly losing momentum.

Bitcoin Dominance Rate (BTCD) has been declining since its peak at the beginning of the year. There were now strong signs that the uptrend was reversing. At the moment, the Bitcoin Dominance Rate is expected to find support near 60% and start an upward movement.

 

 

Result

Bitcoin Dominance is expected to find a bottom soon and start an upward bounce. While the Altcoin Perpetual Index trend is still on the rise, it has begun to show signs of weakness.

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