Bitcoin Dominance Rate (BTCD) has broken out of a descending resistance line.

It is approaching a confluence of Fibonacci resistance levels near 50-52.75%.

Long-term rebound

During the week of May 17-23, BTCD touched a low of 39.66% and rallied. low almost touched the horizontal support area of ​​39.50%. bounce created a bullish swallow candle on the weekly time frame.

After a slight decline, BTCD has gradually resumed its upward movement.

next closest resistance areas are at 52.83%, 56.81% and 60.80%. se are the Fibonacci Retracement Resistance Levels 0.382, 0.5 and 0.618.

Technical indicators are showing bullish signals, but have yet to confirm the bullish reversal. While the Stochastic Oscillator is very close to making a bullish cross (green circle), the RSI is still below 50 and the MACD is negative.

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Short term movement

Cryptocurrency trader @BillGK_Crypto outlined a BTCD chart, indicating that there is still no weakness present in the current trend, outlining a potential rise towards 50.85%.

Source:

daily chart looks really bullish.

BTCD has already broken a descending resistance line and peaked at 49.16%, the highest value reached since the beginning of May.

On top of that, the technical indicators on the daily time frame are bullish. MACD is on the rise and it is positive. RSI moved above 70 and the Stochastic Oscillator made a bullish crossover.

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refore, a bullish move towards the 52.76% resistance area seems likely.

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Wave count Wave

wave count indicates that BTCD is in the fourth wave of bearish momentum (orange), which started with the high on January 3.

All bearish momentum would complete a long-term C (white) wave.

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short-term chart agrees with this possibility. In it, BTCD is nearing the end of a complex corrective structure.

most probable area for the upper part would be between 50-51.37%, which is calculated by assigning the W: X waves a ratio of 1: 1 (black) and the secondary waves A: C a ratio of 1: 1 ( Red).

area is also very close to the Fibonacci Retracement Resistance Level of 0.382 at 52.75%.

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For the latest bitcoin (BTC) analysis from BeInCrypto, click here.

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