 | As forecast, BTC dominance was hammered back below the 200 Week EMA on it's second attempt this year to break above it. As noted before, BTC dominance has never been able to sustain a break out above the 200 Week EMA, and regardless of how people view this metric, it continues to act as resistance when BTC dominance attempts to break above it. BTC dominance tried to make a similar break out above the 200 week EMA in October 2019 (pre-halving year) and was rejected when it attempted to break above, and continued to be rejected by it in the subsequent months leading up to the 2020 halving. Also, like in the fall of 2019, there was the same bearish divergence in weekly RSI that we are seeing currently, as well. Although dominance just made a new local top around 51.3%, the RSI is still trending downward, just like it did in October 2019. The similarities between the two cycles are uncanny. Notably, BTC dominance was also rejected at around ~65 RSI, when it tried to break above in October 2019, which is the same level dominance was just rejected at, as well. I think there is a significant possibility that alts will gain some ground against BTC in the coming months, just like they did during Q3-Q4 of the 2019 pre-halving year, and even greater possibility that it will not break above the 200 week EMA for long, if at all. [link] [comments] |
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