Bitcoin Dominance Rate (BTCD) hits new yearly high

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Bitcoin Dominance Rate (BTCD) hits new yearly high
Bitcoin Dominance Rate (BTCD) hits new yearly high

Since Jan 15, the Bitcoin dominance rate (BTCD) has been rising and is now reaching a critical resistance level of 44.5 percent.

Between May 2021 and January 2022, BTCD consolidated above the 40% horizontal support level. On January 15, it rallied back above this level.

Both the RSI and the MACD generated substantial bullish divergences as a result of this. Bullish trend reversals are frequently preceded by such strong divergences.

If the current trend continues, the nearest region of resistance will be at 52.25 percent. This is the resistance level of the 0.382 Fib retracement.

The declining resistance line is being approached by BTCD.

Cryptocurrency trader and investor @eliz883 tweeted a chart of BTCD, stating that an increase above 44% could take the rate all the way to 50%.

The conclusions from the weekly overview are supported by a closer examination of the daily charts.

The RSI and MACD are both trending upwards, therefore technical indicators in the daily time frame are optimistic.

The RSI, or relative strength index, is also over 50. Bullish tendencies are frequently connected with such readings.

The MACD, which is made up of a short and long-term moving average (MA), is rising and positive.

Both of these are considered bullish indicators.

As a result, they favor a BTCD rise to at least 44.5 percent, which corresponds to the 0.618 Fib retracement resistance level and a falling resistance line.

Conclusion

Finally, the two-hour chart reveals that BTCD has broken over the minor resistance region around 43.5 percent, setting a new yearly high.

As a result, BTCD’s weekly, daily, and two-hour chart readings are all in sync, indicating a positive outlook.

As a result, a rise to at least 44.5 percent appears to be the most likely scenario going forward. The post Bitcoin Dominance Rate (BTCD) Reaches New Yearly High appeared first on BeInCrypto.

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