The big red hammer of resistance appears to be playing it's part. Here's what I referenced in Bitcoin TA thread regarding market dominance. The hammer has been moved up to the top of the wick (yes I know, cheating right?) but the concept remains the same. Dominance is at long-term resistance and is now facing rejection and uncertainty. Closing the week tomorrow below the resistance trend-line = very bearish and continuation of the year+ long bear trend.
Also to note, and as relevant as always regarding altcoin dominance, ETH/BTC is doing the opposite (as expected) by bouncing from a TD 9 Buy Signal:
Looks like it's time for Bitcoin to correct or consolidate, as investors already begin to diversify into the altcoin market. Bitcoin dominance appears to be topping out on a TD Sequanital 9 Sell Signal on the Weekly chart, while being rejected by the volume point of control. In long-term bear markets (that dominance is currently in, based on it's bearish 200 Week MA), this is the expected outcome from the recent dead-cat bounce from <60% to 67%. This Weeks candle screams doji reversal to me:
Also to note, and as relevant as always regarding altcoin dominance, ETH/BTC is doing the opposite (as expected) by bouncing from a TD 9 Buy Signal:
Just to say ETH/BTC looks like great buying opportunity right now. Ignoring the obvious support trend-line that has been held, price is bouncing strong from the 50 & 100 Week MAs*. If ever you wanted an average ETH/BTC price in the past 1-2 years, then that was it basically. Also the double Weekly 9 Sell/Buy Signals appear very relevant right now (see arrows).
There's still a another day to go in the Weekly chart, but if the Daily RSI's aggressive bearish divergence on the BTC dominance chart is anything to go by, it's going down:
There's still a another day to go in the Weekly chart, but if the Daily RSI's aggressive bearish divergence on the BTC dominance chart is anything to go by, it's going down: