Long-Term Divergences Cause Significant Bitcoin Dominance Rate (BTCD) Increase - BitcoinEthereumNews.com
The bitcoin dominance rate (BTCD) is very close to a crucial resistance level, a breakout above which would indicate that the long-term downward movement has ended. BTCD has been moving upwards since Jan 16, when it fell to a low of 39.25%. At the time, it had just broken down from the 39.50% horizontal area. However, it has reclaimed the area since and proceeded to reach a high of 42.83% on Feb. 8. Afterwards, BTCD was rejected by the 0.382 Fib retracement resistance level, which is located at 42.5%. If it is successful in moving above it, there would be strong resistance at 44.5%. This is the 0.618 Fib retracement resistance level and coincides with a descending resistance line. ผู้ค้า Cryptocurrency @eliz883 tweeted a chart of BTCD, stating that an increase towards 48% is likely. Due to the considerable overhead resistance, a closer look at technical indicators is required in order to determine if BTCD will get there. Technical indicator readings In the daily time-frame, both the MACD and RSI are showing signs of weakness. The MACD, which is created by a short- and a long-term moving average (MA) is decreasing. This means that the short-term MA is decelerating relative to the long-term one and is a