Could be worse if we have a full blown
covid wave 2. Possible we see another
short lived deep correction. IMO unlikely
we drop below these two moving averages
and stay below them for even a single candle.
BTC dominance clearly trending downward. The current pattern is being compared to a grind line from previous patterns, but looking at that makes you oblivious to the fact that the pattern was extremely different. So many things have changes since then, including the corona-correction and corresponding v shaped bounce back, with massive volume. To so definitively...
If the coronavirus correction never happened, we would have had a clearer sideways corrective path. Given the deep capitulation, I am expecting a stronger than moderate pump before the next correction. The correction will likely coincide with (after) the halving event in mid-May.
Looking at the volume, we can clearly see accumulating throughout the past 1-1.5...
Interesting comparison inverting the BTC.D chart and comparing it with ETHBTC. If you believe that BTC altcoin pairs have bottomed, then you probably also believe that BTC dominance has also topped.
Some major long term indicators are flashing here, including MACD cross on the 50/100 weekly.