Today’s BTC price correction is taking place simultaneously with a strong decline in its dominance.
The dominance of#BTCon it came to the test of the EMA of the 50 day TF at 55%, which is what we expected in the analysis on June 21, but the dominance decreases during the correction of the BTC rate, which is not the most common occurrence. Especially when the BTC price shows sharp downward impulses.
The main explanation for this is that altcoins are already too oversold and many of them have reached turning levels. Important trend, oversold RSI, reversal candlestick formations.
If#BTCdominance now breaks below the EMA of the 50 day TF, we will expect a stable downward trend of dominance in the coming weeks and even months. Not without a rebound in the process, but with the first significant target in the area of the volume level of 53.19%.
For altcoins, this is a growth scenario. But we repeat, the start of working out the scenario is the fixation of the 50-day TF under the EMA.
So far, on the dominance chart there is a macro retest of the downward breakdown of the huge “Bearish Wedge” and a rebound from resistance in the form of past trend support for the entire growth since November 2022. Which is already a good start for the altcoin market.
