The Bitcoin Dominance Rate Approaches Crucial Support – Does A Reversal Await?

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In Brief
  • The Bitcoin dominance rate is trading inside a descending wedge.

  • There is long-term support at 62.5%

  • The price has been following a long-term resistance line since February 2019.

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The Bitcoin dominance rate (BTCD) is trading inside a bullish pattern, close to a significant support area. While an upward move should follow, the long-term trend remains bearish unless BTCD manages to break out above 65%. Possible Reversal The BTCD has been trading inside a descending wedge since reaching a high of 68.92% on May 7. The descending wedge is a bullish reversal pattern,
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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