BTC's dominance has been declining for over a week now and is reaching an important point. Test of the global downward trend since 2017 (!).
During February-March of this year, the dominance first tried twice unsuccessfully to break through it as resistance, but then in April it broke through. And now this is support. Which already worked on May 1st. The growth of dominance from May 1 to May 16 was on the rise in the price of #BTC. Now the dominance is again approaching the trend, but it is still difficult to say what the rebound will be based on - growth or decline of the market. Due to the variability of BTC exchange rate movements in the fourth wave of May growth.
It is almost certain that there will be at least a local rebound before the continued decline in dominance. Because a pool of support is being formed in her area. In addition to the global trend from 2017 there:
- EMA 200 daily TF.
- minor upward trend from September 2023.
All three supports are now in a narrow range of 53.45-53.55%.
Moreover, if these supports are not broken in the coming days, they will most likely be broken in the coming weeks. We are still not expecting updates on the high in the BTC dominance cycle. We believe that the correction of the dominance of all growth since 2022 has already begun. The medium- and long-term situation for alctoins still looks bullish.
