BTC Dominance Weekly divergence
For those still undecided whether crypto market has entered into a Bear cycle, here is a look at BTC Dominance Weekly chart and clear bullish divergence formed same way as it did in previous halving cycle 2017/2018 end of Bull phase.
While dominance was not as volatile as back then, we still had 3 clear lower lows that even timestamps were very close to 17/18 dates. What the divergence on RSI and Wave oscillators tell me is that we are heading into a medium to long term bear market that coincides with bearish macro economic outlook.
Considering this recent pullback up from most recent bottoms and while possibly still going to 48-51k a good opportunity to sell your alts or play BTC short.
While dominance was not as volatile as back then, we still had 3 clear lower lows that even timestamps were very close to 17/18 dates. What the divergence on RSI and Wave oscillators tell me is that we are heading into a medium to long term bear market that coincides with bearish macro economic outlook.
Considering this recent pullback up from most recent bottoms and while possibly still going to 48-51k a good opportunity to sell your alts or play BTC short.
Comment:
Of course by saying SHORT, I mean this bullish setup on Dominance is a strong indication of good few months of bearish movement on BTC and crypto in general.
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