BTC Dominance; struggle to survive in long-term
But beside that, this is a big deal for the future of cryptos. It’s like other big and revolutionary technological progress that we had in the past. For instance, compare market share of Nokia now and past decades. When you see some progress and inventions in short-terms, that means in long-term there would be important changes in businesses and those who are dominant in them. And changes in crypto business are very fast and significant.
I’ll post my own price action algorithmic analysis of this chart in the updates soon. That’s among the best predictor of the future moves I’ve ever seen.
Reached first target
It's clear that losing 59-58 may lead to catastrophe and therefore next target ~50. Also 54 seems to be a heavy support.
BTC can do some correction from where it is now, but probably that isn't for good and in long term the outlook for BTC itself is bullish.
This chart is about its dominance in the cryptos market. If BTC's dominance drops that doesn't necessarily means BTC itself going to drop too.
Thanks for sharing your idea 🙏🏼