đˇď¸ The expected and previously discussed breakdown in #Bitcoin Dominance has occurred, and $BTC dominance is about to lose a strong support level. For the first time in a long while, #BTC dominance has fallen below the 60% level. According to Fibonacci levels, supports are marked with green lines, and resistances with yellow lines.
đ Positive Indicators:
RSI (Relative Strength Index): Currently at neutral levels on the weekly timeframe, not yet reaching oversold territory; this suggests selling pressure is not excessive.
MACD (Moving Average Convergence Divergence): The MACD line remains below the signal line but shows signs of momentum stabilization.
Volume: The decline in dominance is supported by volume, which may indicate a market rotation toward altcoins.
Fibonacci Support Levels: After dropping below 60%, the support levels shown by green lines should be closely monitored.
â ď¸ Negative Indicators:
Stochastic Oscillator: Approaching oversold levels on the weekly chart, indicating potential short-term volatility and rebound buying.
Moving Averages: Dominance has not yet made a decisive close below critical moving averages; these levels remain important support/resistance zones.
OBV (On-Balance Volume): Confirms the downward move in dominance, although volume support may still be weak.
â ď¸ This is not investment advice.
#cryptocurrency #crypto #BitcoinDominance #BTC
