In BTCD, a triple bottom pattern has been formed. The weekly RSI is positive.
Resistance exists at 48% and 52.30%. In both the weekly and daily timeframes, the Bitcoin Dominance Rate (BTCD) is trading at a convergence of support levels. The current support level is predicted to spark a bounce if the rising trend is to continue.
At the 40% long-term support region, BTCD formed a triple bottom pattern between May and December 2021. Bullish patterns include the triple bottom. Therefore, it is anticipated that it will almost always result in breakouts.
The weekly RSI also produced a very big bullish divergence, which further supported this theory. The divergence trendline (green) is still intact, and the RSI is right at 50. The weekly chart's current level therefore presents a wonderful opportunity for a bounce.
The horizontal resistance level at 47.50% has thus far rejected BTCD. If it were able to go past it, the next barrier would be at 52.30 percent. A declining resistance line has been broken by BTCD, as seen on the daily chart. But following the denial, it dropped to a convergence of support levels at 43%. The 0.618 Fib retracement support level and an ascending support line combine to provide this support.
As a result, the daily chart agrees with the weekly one in suggesting that a bounce at the current level is expected. This notion is supported by the two-hour chart, which indicates that a rebound is imminent. The six-hour RSI's very strong bullish divergence and current position above 50 are the primary causes of this.
The 0.382 Fib retracement resistance level, located around 45%, would act as the first region of resistance if an upward movement did start.
