BTC Dominance getting stopped by heavy resistance!!
Bitcoins dominance has been running the opposite of the market while we see a rise here we have been seeing some very red days for the overall crypto market, that might be ending pretty soon, Bitcoins dominance is currently facing very heavy resistance at the S1 level after falling underneath, we have many many wicks from even years ago on this level and its been getting built stronger for a long time now, i would be very surprised if we see a push through here atleast in the coming days especially since we have a total of 8 green candles in a row, i think a fall is likely too continue, and keep in mind we are in a very strong downtrend at the moment. We have some support directly underneath us at the 41.61% level and then a couple more, and i don't know if these would hold up all that well if we saw a strong reversal here and continued strong momentum to the downside, we could likely see the S2 level in the near future and i think that would absolutely ignite an altcoin run with ETH leading the pack with its almost 19% dominance level. Checking out the Ichimoku cloud we are seeing big red clouds of resistance pushing down our dominance, we look like we are seeing a slight decrease in the bearish cloud likely due to the recent upside we have had. Now check out the stoch RSI we notice we are far into the "overbought" zone and we are seeing what looks like to be a top out, we are in and out of bearish crosses and i think sooner rather than later we are going to see that big fall to the downside likely pushing the actual market into some green days! Not financial advice just my opinion
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