📊 BTCDOM Analysis - identifying the current market trend
Bitcoin dominance continues its correction in a descending structure, with each resistance retest proving unsuccessful - just today, it faced rejection from a key level.
At present, it's evident that the momentum is still expanding. Considering Elliott Wave theory, we've completed the final diagonal in wave 5, and the indicator is gearing up for further correction.
One observation stands out – the true altseason has yet to kick in. The early-month 1.5% drop in dominance coincided with strong pumps in the altcoin market, with the indicator still hovering at the peaks at that time. Now, it's ready to dip below 50%.
We've discussed the impact of falling BTC dominance on the market multiple times. So, I'm actively seeking fundamentally strong altcoins to open the trades before the upcoming wave.
❗️ Important - the decline in dominance aligns with a flat and accumulation in BTC. It's a crucial point - the overall market trend remains on the rise.
