Bitcoin Dominance Rate Reaches Critical Double-Top

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In Brief
  • The Bitcoin dominance rate (BTCD) faces very strong resistance at 67.5%, where it has possibly created a double-top.

  • The BTCD has moved above its 200-day moving average.

  • The dominance rate has broken out from a short-term bearish reversal pattern.

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The Bitcoin dominance rate (BTCD) has been increasing rapidly since April 29. The rate has reached an important resistance level, a breakout above which would act as confirmation that the trend is truly bullish. Well-known trader @J0hnnyw00 tweeted a BTCD price chart that shows a possible double-top forming. He has outlined and predicted a downward movement for the dominance

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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