BTC.D looks clearly topped and is forming what appears to be a triangle A–E pattern.
Drawing a line from the genesis block (start of BTC) and over the 2021 high, a resistance is formed precisely where BTC this year was rejected, and an important support level is broken but not yet confirmed, as the month is yet to close the candle. But I expect BTC.D to continue to fall.
This triangle pattern typically signals a breakout around August 27–28 after a bounce off the lower support.
If the pattern breaks to the downside, BTC dominance may find support around the 42% level.
Altcoins could benefit from a drop in dominance — keep an eye on volume and direction in the coming days and weeks. As mentioned in another post, alts could see a bounce around September 12th.
Drawing a line from the genesis block (start of BTC) and over the 2021 high, a resistance is formed precisely where BTC this year was rejected, and an important support level is broken but not yet confirmed, as the month is yet to close the candle. But I expect BTC.D to continue to fall.
This triangle pattern typically signals a breakout around August 27–28 after a bounce off the lower support.
If the pattern breaks to the downside, BTC dominance may find support around the 42% level.
Altcoins could benefit from a drop in dominance — keep an eye on volume and direction in the coming days and weeks. As mentioned in another post, alts could see a bounce around September 12th.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.