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..
Bình luận:
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.
Bình luận:
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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DNT is back
Candle_Styx
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about DNTBTC
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.