Today we are looking at the Bitcoin Dominance (BTC.D) index chart and multiple signals are pointing to it going higher.
Let's have a look at those.
First, we can see that there wasn't much strength on the retrace from June to July. Its price moved below EMA10/21/50 and managed to close back above these levels by July 10. Prices are now safely trading above EMA10/EMA21 and EMA50. This is a strong positive for the bulls.
Second, we have a solid RSI above 50.
The MACD is showing a young bullish cross while already above the zero line...
This can turn into a huge positive but we are still lacking momentum.
Bitcoin Dominance Chart Analysis Conclusion
We have some good potential here but the signals are not really strong. The bulls have the upper hand, based on the chart technicals, but there is no momentum.
Breaking and closing below EMA50/10 would invalidate basically all of the signals pointed out above.
Bitcoin has been consolidating for a long while... Maybe is time to go UP!
What do you think will happen next? Leave us a comment.
Namaste.
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This analysis is for the Bitcoin Dominance (BTC.D) index. This is not equivalent to Bitcoin (BTCUSD).
These are two are different.
Time will tell if this analysis will become true or not. I read the chart for your and even shared the invalidation point.
I hope you enjoy the content. :D
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Bitcoin Fear & Geed Index is at 15 today... Extreme fear.
@AlanSantana, do you really understand how it works? btc dominance grew till January with Bitcoin price went up. Then from January to May btc dominance dumped hard, so alt/btc pairs was growing. How can altcoin pairs to bitcoin grow and at the same time, liquidity from altcoins will go to bitcoin?
AlanSantana
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@harchenko93, It is already past history, just look at the charts...
You can see literally hundreds of examples on Binance.
I am the one that looked at over 1300 charts in the past few months.
The altcoins vs bitcoin pairs all peaked around April/May, this is extremely easy to confirm.
Bitcoin peaked April.
There are thousands and thousands of Altcoins.
The top 10 can drop/go up and change how BTC.D looks and same with Bitcoin, this does not speak for all the altcoins in the cryptocurrency market.
The BTC.D chart is just an index that puts together all the altcoins.
The big market cap. of a few distorts how this chart reflects the market.
Anyways, just look at the charts... This is already past history.
You can find thousands of charts going bullish (altcoins vs bitcoin) from January 2021 to March/April/May 2021.
You can see Bitcoin being bullish in this same period of as well.
Bitcoin and the Altcoins can grow together and did grew together... It is already past history, we all made millions from this bullish wave...
Where were you?
You missed all the gains?
Namaste.
mprspartan1
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@AlanSantana, don’t take the bait from those looking to hold you down. Some of us have been on board with you for years and years, know and appreciate what you being to the table in terms of expertise. Your signals are literally my litmus test against others and I have countless trades that I’ve benefited from and life changing returns. It’s simple, trade targets, read your posts carefully and change course if watch areas show invalidation or fail to confirm and always be patient and breathe. Keep up the phenomenal work.
AlanSantana
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@mprspartan1, Thanks a lot for the support. It is appreciated. :)