Hello everyone, I invite you to check the situation of BTC's dominance over the rest of the market.
Let's start by identifying the main downward trend since 2017, when the percentage share of BTC began to decrease. However, locally we see movement in a strong upward trend.
As we approach a major downtrend, we will unfold the Fib Retracement grid from the recent high and check for potential resistance spots. And here you can immediately see a strong resistance zone from 56% to 60%, which we are approaching and through which the trend line runs, then we have resistance at the level of 66%, and then possible strong resistance at the level of the last peak of 74%.
Looking the other way, we can similarly determine support areas and here we can determine the first visible zone from the level of 51.5% to $49. However, we can still see a return to the area of the second zone from 42% to 39%.
Please pay attention to the CHOP index which indicates that most of the energy has been used, on the RSI indicator we are approaching exceeding the upper limit, which may change the trend, also on the STOCH indicator we remain above the main limit, which may also bring a rebound.
Let's start by identifying the main downward trend since 2017, when the percentage share of BTC began to decrease. However, locally we see movement in a strong upward trend.
As we approach a major downtrend, we will unfold the Fib Retracement grid from the recent high and check for potential resistance spots. And here you can immediately see a strong resistance zone from 56% to 60%, which we are approaching and through which the trend line runs, then we have resistance at the level of 66%, and then possible strong resistance at the level of the last peak of 74%.
Looking the other way, we can similarly determine support areas and here we can determine the first visible zone from the level of 51.5% to $49. However, we can still see a return to the area of the second zone from 42% to 39%.
Please pay attention to the CHOP index which indicates that most of the energy has been used, on the RSI indicator we are approaching exceeding the upper limit, which may change the trend, also on the STOCH indicator we remain above the main limit, which may also bring a rebound.