$BTC #BTCdominance
Chart Analysis of BTCD (Daily):
1. Current Trend:
BTCD is in a short-term downtrend after a sharp rejection near 59%–60%.
The green upward trendline was broken, confirming bearish momentum.
2. Key Support Levels:
55.01%: Strong support zone, as seen from previous bounces.
If this level fails, BTCD could drop further, potentially testing lower levels around 53%-54%.
3. Key Resistance Levels:
56.41%: The current price faces resistance here, marked by previous price action.
57.99%–58.59%: Strong resistance cluster where previous rejections occurred. Breaking this zone could signal bullish recovery.
4. Volume:
Increased red volume suggests bearish pressure. Watch for a potential volume decrease near support to hint at consolidation or reversal.
5. RSI:
If RSI is below 30 (oversold), BTCD may be due for a bounce. However, if it is neutral (30–70), expect sideways or continued bearish action.
6. MACD:
A bearish MACD crossover would confirm continued downward momentum. Look for potential divergence for reversal clues.
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Key Takeaways:
Bearish Scenario: If BTCD breaks below 55.01%, further downside is expected.
Bullish Recovery: A sustained break above 58.59% would invalidate the bearish bias.
Monitor RSI and MACD for alignment with price action and volume changes for confirmation.
Let me know if you want a deeper indicator-based analysis!