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The Bitcoin Dominance Rate (BTCD) has broken over a short-term resistance level

The Bitcoin dominance rate (BTCD) appears to be in the early stages of a long-term bullish reversal. That’s, according to technical indicators.

The weekly chart reveals that BTCD bounced several times at the 40% horizontal support region. That’s, including in May, September, and January 2022. Since early 2018, Bitcoin’s dominance has not fallen below this horizontal area.

Furthermore, technical indicators, particularly the bullish divergences evident in both the RSI and the MACD. Which, indicates the continuation of the comeback. Divergences in the weekly time span like this are unusual.

If the rising trend continues, the first long-term resistance level, generated by the 0.382 Fib retracement resistance level, will be discovered at 52.25 percent.

@eliz883, a cryptocurrency trader, posted a BTCD chart, predicting that it will likely rise toward a falling resistance line near 45 percent.

Source : TradingView

The conclusions from the weekly overview are supported by a closer examination of the daily charts.

BTCD appears to have drifted below the 40% area (green circle) before regaining it later. This is also regarded as a positive development, as it frequently occurs before to price increases.

BTCD also broke out of a descending resistance line not long after.

It has so far managed to achieve a local high of 43.50 percent, but the 0.5 Fib retracement resistance level has rejected it.

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