In the chart above the purple lines represent the previous Total Market Cap tops in the previous bull runs. The yellow lines represent the periods of alt season runs and where bitcoin dominance shot down.
Now, the last purple line is definitely not a certainty and more of just a possibility given the bearish divergence. Each time the market has ever had bearish divergence in the Total Market Cap weekly chart it represented the top of the bull run... That doesn't mean it will this time of course. We'll see.
If we break above previous Total Market Cap highs from last Nov/Dec maybe we will see the new alt season? I would like to see us break that with some volume before I start dumping any money into alts myself. As the previous bull run high didn't show much support when it was tested in March/April and the current move up is still declining in volume and on a bearish divergence... GL!
Now, the last purple line is definitely not a certainty and more of just a possibility given the bearish divergence. Each time the market has ever had bearish divergence in the Total Market Cap weekly chart it represented the top of the bull run... That doesn't mean it will this time of course. We'll see.
If we break above previous Total Market Cap highs from last Nov/Dec maybe we will see the new alt season? I would like to see us break that with some volume before I start dumping any money into alts myself. As the previous bull run high didn't show much support when it was tested in March/April and the current move up is still declining in volume and on a bearish divergence... GL!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.