Weekly Double-Top Target not yet Reached
This is an alternative idea to heading up from here, based on a long-term target from April 2021.
Around early to mid-April of 2021, Bitcoin Dominance confirmed a double top.
Following that we hit and surpassed the measured 1x target (TP 1 on the chart above), and have since consolidated around it.
However, we have yet to hit TP 2, or the measured 1.5x target - and... in crypto, we often see 2x measured targets reached when dealing with strong patterns like these.
Now, while we very well could see a 3rd swing high, or it could even just turn up from here and go back towards where it broke down in April, as many are indicating:
- I think it is still possible we see it turn down from right around here at TP 1 (or even from a 3rd swing high around 48-52%) and head down to TP 2 @ 38% or even down to 32%.
Around early to mid-April of 2021, Bitcoin Dominance confirmed a double top.
Following that we hit and surpassed the measured 1x target (TP 1 on the chart above), and have since consolidated around it.
However, we have yet to hit TP 2, or the measured 1.5x target - and... in crypto, we often see 2x measured targets reached when dealing with strong patterns like these.
Now, while we very well could see a 3rd swing high, or it could even just turn up from here and go back towards where it broke down in April, as many are indicating:
- I think it is still possible we see it turn down from right around here at TP 1 (or even from a 3rd swing high around 48-52%) and head down to TP 2 @ 38% or even down to 32%.
Comment:
Update - take a look at the monthly chart. Notice that OBV is still falling and hasn't yet shown signs of a turn-around. Many of the same experts now calling for a spike in Dominance, expecting a rise to 57-60%, and then an altseason, were previously calling for a new ATL before Bitcoin dropped from 65k. Yet, we haven't even hit previous ATL @ 35%. While a spike is certainly possible, so is the opposite:
