$BTC DOM UPDATE
Bitcoin dominance at this moment is trading below the $4550 resistance, the same range that index has been tradimg inside for almost 2 weeks. Now that there is a symmetrical triangle in formation with big ascending and descending trendline in place, I believe there is going to be a breakout in a day or two. Break above this descending trendline and I am expecting index to finally reach $5000 resistance. Lose this ascending trendline and $4200 is the next support. In any case, it’s going to be really important for altcoins as it could mean a huge pump or dump in a day or two.
For the daily bias, we’ll continue to trade this range. I warned yesterday not to open any longs since dominance was at support and wait for it to reach $4550 resistance. Now that we are sitting close to the resistance, the bias today for altcoins will be cautiously bullish to neutral#BTC90kBreakingPoint #StrategyBTCPurchase
Bitcoin dominance at this moment is trading below the $4550 resistance, the same range that index has been tradimg inside for almost 2 weeks. Now that there is a symmetrical triangle in formation with big ascending and descending trendline in place, I believe there is going to be a breakout in a day or two. Break above this descending trendline and I am expecting index to finally reach $5000 resistance. Lose this ascending trendline and $4200 is the next support. In any case, it’s going to be really important for altcoins as it could mean a huge pump or dump in a day or two.
For the daily bias, we’ll continue to trade this range. I warned yesterday not to open any longs since dominance was at support and wait for it to reach $4550 resistance. Now that we are sitting close to the resistance, the bias today for altcoins will be cautiously bullish to neutral#BTC90kBreakingPoint #StrategyBTCPurchase