We have been following the dotted line downward for 34 days and although in the last few it seemed like it was going to break it and go test the upper part of the larger triangle formation, it did not and instead we have just gone back under the dotted line in an even slower pace.
If we take a look at the BTCUSDT liquidation heatmap from Coinglass with the lowest...
I see two possible scenarios playing out:
The Bullish Scenario
The dominance goes lower and respects the current downtrend. This could either bounce off roughly 6% (this area has seen some interesting patterns in the chart) or just continue collapsing down. This would be bullish depending on if we don't have much trouble clearing the 5.8-6% range.
The Bearish...
Bitcoin looks like it's gearing up for the final parabolic move of this elongated bull market. Some things to note:
The volume has been going down in general since the bull market top in December 2017 (vertical blue line on the left).
The volume has been following an interesting pattern where we see two downturns of volume with the second one being less...
