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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