Bitcoin is currently trading within a rising wedge pattern and is facing resistance at the upper trendline of the wedge. If the price breaks above this resistance, the pattern will be invalidated, potentially leading to a new peak for BTC.
However, if Bitcoin breaks below the support trendline, where the 21MA and 50MA are providing support. Such a breakdown would likely result in a market correction.
BTC Dominance is encountering resistance at the horizontal supply zone of the ascending triangle pattern, with the 200-day moving average acting as a resistance barrier above the current price action.
Meanwhile, the 100-day moving average is providing support. We need to wait for a confirmed breakout or breakdown to determine the next move for BTC Dominance.
It's crucial to note that BTC Dominance typically has an inverse relationship with the altcoin market cap, so a breakdown could signal potential bullish momentum for altcoins. Stay alert for further developments.