Anything that follows is not to be taken as financial advice.
As you can see from this weekly chart, Bitcoin dominance has been trying to paint a low since may 2021.
I've had that 48.20% horizontal ray placed for almost two years, and we can observe how it's been already tested four times so far in the course of said time.
While that level has been working as a resistance so far, price action doesn't look very intimidated by it.
The way I look at it, a range break to the upside would be the most plausible scenario.
Considering for how long this chart has been consolidating, looking for a move up to about 53% is highly probable, and one to about 58% is still very realistic.
Furthermore, by drawing a measured move from resistance to bottom, and then applying it over the resistance, it becomes more obvious that anywhere around the 58% level would be an important area to consider this idea as played out.
In order to confirm this as a major bottom, I'd need to see a convincing weekly close above the 48.20% level, until that happens, all that's been said remains in the realm of potentiality.
Were there to be such a close, the entirety of the following upside move would very likely take various months.
As you can see from this weekly chart, Bitcoin dominance has been trying to paint a low since may 2021.
I've had that 48.20% horizontal ray placed for almost two years, and we can observe how it's been already tested four times so far in the course of said time.
While that level has been working as a resistance so far, price action doesn't look very intimidated by it.
The way I look at it, a range break to the upside would be the most plausible scenario.
Considering for how long this chart has been consolidating, looking for a move up to about 53% is highly probable, and one to about 58% is still very realistic.
Furthermore, by drawing a measured move from resistance to bottom, and then applying it over the resistance, it becomes more obvious that anywhere around the 58% level would be an important area to consider this idea as played out.
In order to confirm this as a major bottom, I'd need to see a convincing weekly close above the 48.20% level, until that happens, all that's been said remains in the realm of potentiality.
Were there to be such a close, the entirety of the following upside move would very likely take various months.