Interesting combination of signals in the market - downtrends according to our indicator for BTC on the hourly timeframe and BTC dominance - on the two-hour timeframe.
Altcoins are showing strength. However, this is quite in line with what we expect from the rest of December.
There is also a downtrend in dominance on the 3-hour timeframe. Moreover, there is one on the 8-hour timeframe as well. This is very important. On the 4-hour and 5-hour timeframes, the metric remained in a downtrend. The problematic timeframes for the dominance decline remain the 6-, 7-, 12-, and 18-hour timeframes, where uptrends persist. On the 12-hour timeframe, levels of potential breakdown are being tested in the range of 59.03-59.04%. Also, let us remind you, on the daily timeframes, uptrends remain on the 2- and 3-hour timeframes. The breakdown of daily uptrends will become a key signal for a bullish run in altcoins. The situation regarding levels remains the same - it is necessary to establish below 58.08%. This level is a true Rubicon.
Altcoins are likely to have a good week, finally. Overall, the dominance of #BTC today is forming a local Head and Shoulders, increasing the chances that the bounce is over and there will be no complete development of the "Bullish Wedge". Right now, the neckline of the Head and Shoulders is being tested, and its complete target is 58.40%.
By the way, we plan to write a complete list of alerts set by the indicator soon. It may be useful for users of the indicator.
