Market Cap BTC Dominance Shows Additional Weakness

We looked at the Market Cap BTC Dominance (BTC.D) chart recently and noticed a potential top/peak being hit.

This was marked by bearish divergence coming up on both indicators, MACD and RSI, as well as decreasing volume and alts season coming up.

Now, we are seeing BTC.D move and close below EMA10 (72.11) for the second time.

If the last low at 72.00 fails, we are very likely to see BTC.D move lower to 70.53 - 71.00, followed by 69.65 which is the 0.236 Fib. retracement from the last bullish wave.

The main potential scenarios are drawn on the chart.

Where do you think Bitcoin (BTCUSD) is headed?
Share your thoughts in the comments section below...

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Thanks a lot for reading.

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