Bitcoin Dominance Elliott Wave Update: Wave ⑤ Near Completion
BTC Dominance has been unfolding in a clear 5-wave impulsive decline. Right now, price action is moving within the last leg — wave ⑤ — and has reached the 57.9% zone, which aligns with multiple confluences:
• ✅ 0.618 Fibonacci extension of wave (3)
• ✅ Bottom of the descending channel
• ✅ Strong psychological & structural support zone
This confluence suggests that wave ⑤ could be approaching its final stage of completion.
📌 Implication for Altcoins:
A local bottom in BTC dominance often translates into increased selling pressure on altcoins, as money flows back toward Bitcoin.
🎯 Key Levels to Watch:
• 57.9% → potential termination zone for wave ⑤
• 56.6% → full 1.0 extension of wave (3), deeper bearish scenario
⚠️ Invalidation:
If dominance breaks convincingly below 56.6%, the bearish extension continues, giving altcoins more room to breathe.
👉 For now, caution is advised on altcoins as BTC dominance nears completion of wave ⑤. Expect volatility and potential liquidity grabs.
source https://www.tradingview.com/chart/BTC.D/EcExDmMq-Bitcoin-Dominance-Elliott-Wave-Update-Wave-%E2%91%A4-Near-Completion/
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