BTC Dominance - Market Update - 17.05.22
Hello Traders!
If Bitcoin price goes below the current support in the $29500 - $31000 range, we should expect a continued decline in altcoins, which will lead to an increase in Bitcoin dominance.
On the chart, we see that the price value has found support near the 39.25% level and is currently approaching a breakout of the nearest resistance level of 44.50% and the local downtrend.
With significant selling pressure, we can expect an upward movement on the chart to the resistance level of 50.00% near which the MA100 on the weekly timeframe is located at the moment.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
If Bitcoin price goes below the current support in the $29500 - $31000 range, we should expect a continued decline in altcoins, which will lead to an increase in Bitcoin dominance.
On the chart, we see that the price value has found support near the 39.25% level and is currently approaching a breakout of the nearest resistance level of 44.50% and the local downtrend.
With significant selling pressure, we can expect an upward movement on the chart to the resistance level of 50.00% near which the MA100 on the weekly timeframe is located at the moment.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice