BTC Dominance Is Pointing Lower, While ETHBTC Higher

BTC.Dominance chart made an impulsive five-wave decline, which confirms a bearish reversal. Currently, it still appears to be completing wave “c” of an abc correction, which could be forming a potential wedge pattern before further weakness.

As a result, after a five-wave rally on ETHBTC, which confirms a bullish reversal, it might also be finishing wave “c” of an abc flat correction, potentially finding support around the 0.034 area before another rally.

Overall, it seems that Ethereum and ALTcoins will continue to outperform Bitcoin, but a true ALTseason may only emerge if Bitcoin and the whole Crypto market experience a stronger recovery.