Daily BTC Dominance Update

8 нояб. 2021 г.

On face value it would appear that BTC has broken the short term downtrend against the market, but we need to pause and have a closer look. There is a good chance that this is just a small pull back from the trend before continuing down. I've used the 4hr chart today so it's easier to see what I'm talking about. There is a line of support and resistance (dashed line) that the price has just crossed and I've circled where it's reacted to this level before. I think that there is a good chance that this "rally" is simply a re-test of that level. Looking at the BTCUSDT chart price action has also hit the upper part of the consolidation zone and I would expect that profit-taking is likely to occur at this level. So I'm expecting BTC to have a quiet day today and possibly even resume it's decline against the rest of the market.