Domination rate of (BTCD) has been falling since it was rejected on June 11. However, the conditions are ripe for the continuation of the long-term uptrend.

Weekly outlook

BTCD created a triple bottom at the 40% long-term support area between May and December 2021. The triple bottom is considered a bullish pattern, meaning it led to a breakout for most of the time. time.

Additionally, this pattern is combined with a bullish divergence in the weekly RSI, adding legitimacy to the pattern. Moreover, the bullish divergence is still intact and the RSI is in the process of bouncing up from the 50 line. Therefore, the signal from the weekly RSI is favoring the continuation of the uptrend.

If the reversal continues, the nearest resistance will be at 52.3%. This is the 0.382 Fib retracement resistance when measuring the entire decline.

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BTCD Weekly Chart | Source: TradingView

BTCD rejected

Trader @CryptoGemsMiner tweeted a BTCD chart showing an ongoing rejection.

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The daily chart shows that BTCD has rallied at a brisk pace since breaking above the descending resistance line on May 11. It went on to hit a high of 48,45% on June 11. It was then dropped. decline (red icon) and plummet.

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BTCD is currently trading at 43.50%, a level that is both horizontal support and 0.5 Fib retracement support when measuring the most recent gains. So there is a possibility that it will produce a reversal, at least in the short term.

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BTCD Daily Chart | Source: TradingView

If a bounce occurs, the two-hour chart shows the nearest resistance area at 46%. This is the 0.5 Fib retracement resistance and the horizontal resistance area.

Whether BTCD manages to reclaim it or get rejected can determine the direction of the future trend.

BTCD 2-hour chart | Source: TradingView

ETH/BTC

Because () to be largest ranked by market cap, its movements affect BTCD.

The weekly chart looks bearish, in line with the fact that BTCD's weekly chart looks bullish.

has been falling since making a deviation above the ₿0.0765 resistance area (red circle). Afterward, broke below a long-term ascending parallel channel, while RSI dipped below 50 (red symbol). These are all considered bearish signs.

ETH bounced off the 0.5 Fib retracement support at ₿0.052. So, while it is likely that the price will initiate a bounce from this level, it could serve to confirm the channel as resistance and eventually a drop to the 0.618 Fib retracement support at ₿ 0.044 will happen.

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Chart ETH/ weekly | Source: TradingView

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