Key Bitcoin Price Levels and Dominance Analysis for Long and Sho
2024-10-19

In my view, if I don't consider the potential breakdown of the 68,170 price level as a fakeout, we shouldn't dip below it. However, if the price breaks below, I would regard it as a false breakout and look to open a short position with a break of 67,594.47, provided that Bitcoin dominance also declines. If, during the breakdown, Bitcoin dominance remains bullish (green), shorting altcoins would be a better option.

On the other hand, if the 68,170 level doesn't turn out to be a fakeout, altcoins could offer solid long positions, especially if Bitcoin moves sideways or upward and Bitcoin dominance decreases. Otherwise, Bitcoin itself might present a better long opportunity.

In conclusion, monitoring the interplay between price levels and Bitcoin dominance will be key to determining the best positions, whether in Bitcoin or altcoins.