BTC dominance: 48.5% UP, 0.7% in 24h. Long-term downside resistance remains at 35.5%. 40% is now the new midterm resistance.
Global Cap: $266B DOWN %7B in 24 h. The 2018 low is $233B. $300B upward resistance has been tested and failed multiple times in the last few weeks. This now represents the strongest upside resistance we have seen in global cap in months.
Incredibly, the trend to higher BTC dominance just grinds along. Bull market, bear market, it does not matter. People are selling ALTS to BTC or ALTS to fiat steadily since May 3rd, a couple of days before the last long bull market came to an end. In the biggest BTC dominance fake-out of 2018, What looked like a rounded top for BTC dominance in the high 42% range two weeks ago has only accelerated to the current levels seemingly on talk of a potential ETF and real buyers looking for currency hedges but not willing to participate in the ALT coin market.
For BTC, A nice buy candle with small money follows through around 40 hours ago has been completely rejected back to where it came from thanks to 7 straight red hourly candles. The bright side is that selling is low volume for the past few hours and any whale bulls can reverse this decline easily If they are Swimming today :)
What's your opinion on the market updates?
vary informative,
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