BTC.D vs ETH.D
BTC's dominance is at support while ETH.D at resistance, and both dominances are under divergence with the RSI
I don't know if one day the large volumes will arrive on ETH so that it takes to first place, but we remain on 2018 levels which have held.
I think BTC.D will bounce off its support while ETH.D gets pushed out of its resistance, and arbitrage will start between BTC and ETH then I'll let you imagine the scenario on the alts if ETH gets sold against BTC, and that's what I experienced on the last bear market wave at the end of 2018 when we arrived at 3.1K that everyone is depressed and angry with targets still bearish like the 2K to 1K and even 0$, and the worst the alts were on levels that are very scary that the majority no longer talk about them given the big losses incurred and I think at this precise moment you have to prepare but always in DCA because nothing is certain if the bear market will continue or not!
https://www.tradingview.com/x/qOmvSkZq/
ETH/BTC has been in a Weekly downtrend since the break below the MA 62 in blue at the week of May 23th, 2022
ETH/BTC shows a bearish signal after last week's close with a Long Wick Candle and then the rejection of the key resistance level at 0.085 tested several times in the past, and this week we have a large engulfing bearish candle that remains 6 hours before the close!
Multiple bearish indicators:
- The bearish divergence on the RSI is almost confirmed with the crossing below the 50 level.
- A lower low than the last.
- The bullish channel which is breaking from below to confirm the bearish flag.
- Weekly closing bellow the MA 62
Another reason for a possible rebound of the BTC.D and the rejection of the resistance on the ETH.D
Basically I think ETH will cost less than BTC so ETH is likely to correct strongly and the most important thing to note are the alts which will suffer like never before at incredible levels, finally everything is possible and I can be completely wrong, the future will tell us.
https://www.tradingview.com/x/TW3nFfAW/
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