BTC dominance : 48.7% UP 0.1% in 24h. BTC dominance high for 2018 was broken in the last 24h at 49.1%. Long-term downside resistance remains at 35.5%. 40% is now the new long-term resistance.
Global Cap: $244B DOWN $7B in 24h. The new 2018 low was set in the last 24h at $219B. $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.
Dail Global Volume: $13.8B DOWN $1.7B in 24h.
The Market finally has a breather as the selling has paused. Market starting to level off and volume dropping. However, it is way too early to call a short-term bottom. The Bear Market trends for Global Cap and for BTC dominance are stronger than ever all year. We know from the Stock Market that when an underlying makes an all-time or 52 weeks low, it is more likely to continue lower and not reverse on a dime.
Of Course, our market for BTC is more algorithm driven than 6-12 months ago. There Probably is decent support programmed into this algos at the yearly low in the $5700 range. Still,It seems like selling is linked more on moving average crossovers and MACD. Might take a day or two for those averages to look less oversold again. Just looking at the markets, many of this algos or traders have two options: Sell or Hold. No evidence from volume data that many traders as playing both sides(Buying or Selling).
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