The Alcoins domain is touching the support line. But this time it may be a bullish bounce and continue lower.
In the last few weeks we saw a correction in the price of bitcoin due to the global pandemic that was reflected in all markets. This has caused Bitcoin to be undefined. Alcoins have accompanied this correction at times when they were recovering value.
The question is will the price of the alcoins continue correcting?
Take this chart into account on these key days where there is no definitive trend in the price of Bitcoin
Let's see
Analyzing the graph we see that the dominance that has not marked a new maximum and has started to correct several weeks ago. So I have started to mark this period in Red
It has broken the bullish trend line in previous days.
Then dominance has bounced off the 200-period daily MA midline, coinciding with a rebound on the RSI at the marked line
That dominance has touched the uptrend line again on the rebound but is now resistance
Data to consider
Daily RSI is also shown bouncing.
The volume is decreasing due to indecision.
The price of the bedrooms are in support values
Dominance is in these hours between the average lines of 50 and 100 daily periods.
If we analyze what has happened in other opportunities we see that the dominance has rebounded and touched the bullish trend line and then continue correcting.
What can we expect according to the indicators?
Failure to break the trend line could indicate that the correction in the bedrooms will continue.
The good projects of alcoins could maintain values at support prices
And what do you think?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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