#BTC.D ๐ฆ
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When BTC dominance breaks down below a trendline support on the 4-hour timeframe, it typically indicates a shift in market dynamics, favoring altcoins. This could signal a rotation of capital from Bitcoin into altcoins, leading to potential gains for alt-based cryptocurrencies.
BTC Dominance Dump =
#Alts. Pump
Traders often see this as a good opportunity to invest in altcoins as they gain momentum when BTC dominance weakens.
1. Trend๐น The rising wedge suggests a bearish continuation, as BTC.D appears to have fallen below the lower trendline.
2. Support Levels๐นLook for significant support zones below the breakout point where Bitcoin dominance could stabilize.
3. Market Implication๐นA decline in Bitcoin dominance might signal strength in altcoins as capital rotates within the cryptocurrency market.
4. Outlook๐นA retest of the broken trendline may occur before further decline, but confirmation of direction is essential.
#BTC๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ #Altcoins๐๐ #write2earn