BTC Dominance Analysis (W) - May 14 2024
The weekly chart suggests that BTC.D is near its peak in this cycle as it is in an area where 3 different resistances are present:
1- Long term weekly downtrend (yellow)
2- Supply/Resistance zone of 57.2%
3- 0.618 fibonacci retracement of 2021 major decline
the combined effect of the mentioned resistances will most probably lead to another major drop in BTC.D that will be followed by a mega Altseason!
it is also important to consider that previous Altseasons have happened after Halvings. So, with previous Halving in April 2024, it is logical to assume that BTC.D will form a major top in Q2 or Q3 2024.
1- Long term weekly downtrend (yellow)
2- Supply/Resistance zone of 57.2%
3- 0.618 fibonacci retracement of 2021 major decline
the combined effect of the mentioned resistances will most probably lead to another major drop in BTC.D that will be followed by a mega Altseason!
it is also important to consider that previous Altseasons have happened after Halvings. So, with previous Halving in April 2024, it is logical to assume that BTC.D will form a major top in Q2 or Q3 2024.