This is another renko charts. This time it's btc.d (dominance of btc) with 0.5% block size on the 1d.
We can observe something similar to a falling wedge pattern with clear bullish divergence on RSI. Since start of 2022 we saw a decent correction in btc pairs but still a lot altcoins looks alive. ETH/BTC pair for exemlpe. For now the dominance is slowly rising and it needs to raise up to 45% just to test the upper line. Will there be a break out? We don't know yet, but bullish divergence is telling us, that it's getting ready for something.
So are we going to witness altcoins meltdown?