A short market update:

- BTC diminance is increasing
- ETH dominance is increasing rapidly
- Total market capitalization is decreasing
- Total market capitalization (exclude BTC) is decreasing

What i expect:

1 - A bearish sequence is forming on the total market cap chart. According to my calculations, a further price drop of up to 20-30% is possible.

2- The sequence on the market capitalization chart (exclude BTC) looks almost the same. 20-30% downside potential. You also have to note that we have completed a bullish sequence and a correction fits perfectly into the picture.

3 - Bitcoin has a lot of downside potential. We haven't even reached the consolidation area yet. We could even drop to 29k and the overall picture would still be bullish.

4 - Ethereum doesn't look as bad as bitcoin. There is downside potential, but not as much as with bitcoin. The Ethereum Dominance Chart confirms this.

5 - The Ethereum dominance is increasing rapidly and has the target level of around 22%. This suggests that Ethereum will do much better than the other cryptos in the next few weeks.

6 - The Bitcoin dominance suggests an increase, which would fit perfectly into the picture. A longer sideways time would also be possible.

7 - Summary:

What does that tell us? Well, everything indicates that we will have a major correction this time. The altcoin market will be hardest hit. What I find interesting is that Ethereum will probably be the least affected (compared to the rest).

8 - It will also be interesting to see how long the correction will last. These are just my thoughts and assumptions. At this point I would like to emphasize again that the overall picture is still bullish. It just can't always go up. Stay safe.