Bitcoin Dominance looks like it wants to head down to 45-46%. Why?
- We're moving up within a parallel channel on the weekly chart here, good chance we'll see the bottom of it again.
- Our highest weekly high did close above the previous one, but with no wick and not as high as our highest wick. Hard to call that a strong breakout
- Volume isn't here yet to bring it higher & MACD looks like it wants to turn down, while AO may cross soon as well
Conclusion:
- No altseason yet (a mini-recovery could occur though, but they could just as well drain more if BTC drops significantly with another dominance drop)
- No dominating bitcoin move yet
- We're moving up within a parallel channel on the weekly chart here, good chance we'll see the bottom of it again.
- Our highest weekly high did close above the previous one, but with no wick and not as high as our highest wick. Hard to call that a strong breakout
- Volume isn't here yet to bring it higher & MACD looks like it wants to turn down, while AO may cross soon as well
Conclusion:
- No altseason yet (a mini-recovery could occur though, but they could just as well drain more if BTC drops significantly with another dominance drop)
- No dominating bitcoin move yet
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.