Dominance to drop to 35% if it can't reclaim 58%
Should Bitcoin Dominance fail to reclaim an old neckline at 57-58%, it will likely drop back down to its recent lows and continue down to make a new ATL just below 35%
Presently, Bitcoin dominance may fail to get above 54.09% on the weekly chart, after losing its uptrend and getting stopped 3x.
If instead it does get above it, it still has to reclaim the neckline of a double-top that occurred the last time it tapped ~73.6%, and it appears to be facing resistance to that already, several percentage points below that level.
It also has never hit an old rising wedge's TP 2, which happens to line up with a 2x measured move down from the aforementioned double-top.
This idea is contrary to another post I've made that sees Bitcoin Dominance as long-term bullish, and headed back towards 100%, which I've linked to below and in the related ideas section as well:
Presently, Bitcoin dominance may fail to get above 54.09% on the weekly chart, after losing its uptrend and getting stopped 3x.
If instead it does get above it, it still has to reclaim the neckline of a double-top that occurred the last time it tapped ~73.6%, and it appears to be facing resistance to that already, several percentage points below that level.
It also has never hit an old rising wedge's TP 2, which happens to line up with a 2x measured move down from the aforementioned double-top.
This idea is contrary to another post I've made that sees Bitcoin Dominance as long-term bullish, and headed back towards 100%, which I've linked to below and in the related ideas section as well:
