Bitcoin Dominance Enters Multi-Year Low (May 17 Forecast)

Bitcoin tried to recover on Friday, drifting higher above the $51K level before getting rejected by the 38.2% fib, falling back below $50K to close the daily candle around $49K and change. This is a bearish candle in response to yesterday’s selloff in which we broke below the 50 Day EMA, so all eyes will be on support at the 50% fib around $47K.