The 2017 big red candles of bitcoin dominance during the bull run are mostly the new comers money, thinking first that bitcoin is too expensive and it’s too late, so they look elsewhere and gamble their money in FOMO without any fundamentals knowledge.( ICO bubble)
In 2018 the dominance was blowing up by the capitulation of this new money, during the bear market.
Money and trust are going back to bitcoin in early 2019 correlating the dominance and the price during this accumulation phase.
2020 the fundamentals of the bitcoin halving has been stronger than the covid and the q3-q4 the bull run was healthy (price/dominance correlation)
And then again ,in 2021 the new money attracted by big bitcoin numbers though that it’s too late and it’s already too expensive.
During this period a lot of dark compagnies came with an aggressive psychological marketing plan, claiming that they are the new protocol and making you feel as a part of a « community » to keep you emotionally stick to the project. (DEFI and NFT bubble))
Since January 2022 the dominance has started a reversal trend acting like a purge amongst the altcoins, while the bitcoin price is going down and not correlated with the dominance (bear market), but nothing significant yet.
Technically the dominance seems to be in a « reload zone » and still fighting with the Tenkan monthly. We can see the correlation between the fibo golden ratio and the ichimoku kijun, also the « reload zone of shorts »( 0.78-0.88 fibo) and the ichimoku cloud, these two areas will be hard to cross before the ichimoku cloud twist at the end of 2023, wich could be a good zone for bitcoin to take back his total sovereignty., for any reason, events or announcement that we probably don’t know yet.( green circle)
In 2018 the dominance was blowing up by the capitulation of this new money, during the bear market.
Money and trust are going back to bitcoin in early 2019 correlating the dominance and the price during this accumulation phase.
2020 the fundamentals of the bitcoin halving has been stronger than the covid and the q3-q4 the bull run was healthy (price/dominance correlation)
And then again ,in 2021 the new money attracted by big bitcoin numbers though that it’s too late and it’s already too expensive.
During this period a lot of dark compagnies came with an aggressive psychological marketing plan, claiming that they are the new protocol and making you feel as a part of a « community » to keep you emotionally stick to the project. (DEFI and NFT bubble))
Since January 2022 the dominance has started a reversal trend acting like a purge amongst the altcoins, while the bitcoin price is going down and not correlated with the dominance (bear market), but nothing significant yet.
Technically the dominance seems to be in a « reload zone » and still fighting with the Tenkan monthly. We can see the correlation between the fibo golden ratio and the ichimoku kijun, also the « reload zone of shorts »( 0.78-0.88 fibo) and the ichimoku cloud, these two areas will be hard to cross before the ichimoku cloud twist at the end of 2023, wich could be a good zone for bitcoin to take back his total sovereignty., for any reason, events or announcement that we probably don’t know yet.( green circle)