The Bitcoin dominance rate (BTCD) has been increasing since Jan 15 and is approaching a crucial resistance level at 44.5%.
In the period between May 2021 – Jan 2022, BTCD consolidated above the 40% horizontal support area. More recently, it bounced above this level on Jan 15.
While doing so, both the RSI and MACD generated very significant bullish divergences. Such pronounced divergences very often precede bullish trend reversals.
If the upward movement continues, the closest resistance area would be at 52.25%. This is the 0.382 Fib retracement resistance level.Read more
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