The Bitcoin dominance price (Bitcoin (BTC)D) is attempting to find support after a momentary rejection from a Fib resistance level.

Bitcoin (BTC)D had been exchanging above the 40% horizontal support range since May 2021. The range was the catalyst for the initiation of several skyward shifts. 

After all, Bitcoin (BTC)D fell below it on Jan 2, 2022, apparently breparallelg down (red circles). Regardless of this decrease, it proceeded to convert the field presently sinces and has been moving skywards afterward. 

Such deviations are advised bullish moves and often lead to serious future increases.

Bitcoin (BTC)D Deviation
Chart By TradingView

Ongoing Bitcoin (BTC)D leap

Cryptocurrency trader @Axeloncrypto tweeted a Bitcoin (BTC)D chart, stating which the current resistance range at 42.5% is expected to reject Bitcoin (BTC)D. 

Bitcoin (BTC)D Wedge

Source: Twitter

Since the tweet, Bitcoin (BTC) has been rejected by this resistance and has been downward. The 42.5% resistance range is also the 0.382 Fib retracement resistance level, soaring its significance.

Regardless of the rejection, technical indicators are also bullish. This is evident by the case which the MACD is positive and the RSI is above 50.

Daily dominance

Chart By TradingView

The two-hour chart suggests which the main support levels are at 41.5%, 41% and 40.5%. These are the 0.382, 0.5 and 0.618 Fib retracement support levels, respectively. 

In case that the skyward development is to advance, Bitcoin (BTC)D would have to create a higher low at one of these levels.

Dominance support

Chart By TradingView

Long-term structure

The weekly chart provides a bullish outlook. This is visible on the grounds that the considerable bullish divergence which has developed in both the RSI and MACD (green lines). Such alterations very often precede serious ascending evolutions. The case which the divergence is present in the weekly time-frame only serves to enhance its significance. 

In this time-frame, the main resistance levels are at 52.5, 56.5 and 60.5%. 

Weekly Bitcoin (BTC)D

Chart By TradingView

The wave count afterward Dec 2021 above again supports this likeliness, afterward it shows a ended five waves down. 

Therefore, it is inclined which Bitcoin (BTC)D has already captured a lengthy-term bottom.

Bitcoin (BTC)D Count

Chart By TradingView

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