As you can see in bitcoin dominance chart we are in a potential wave five.
-Wave 2 corrects major area of wave one but it didn't break it's low.
-Wave 3 is longer than wave one so it cant be the smallest wave then if wave 5 wants to be larger than wave 3 this interpretation is still a valid one.
-wave 4 corrects pretty much exactly to fib 38.2 percent level which is a fib confirmation
-wave 2 is a sharp correction and wave 4 is a complex and side way correction which is a characteristic of impulse wave
I did a fib extension from beginning of wave 1 to end of wave 3 and i started it from end of wave 4, we are in the exact level of golden ratio if dominance surpasses this level we should see more decline on altcoins and it can easily go up to 100 percent of extension.
I'm looking forward to a big correction in dominance and it means altcoins are coming back.
helpful explanation - thanks!
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