Bitcoin: USD/BTC (BTC=X) Dominance Drops Off After Bitcoin Rally Begins to Correct

Bitcoin: USD/BTC (BTC=X) Dominance Drops Off After Bitcoin Rally Begins to Correct

Bitcoin: USD/BTC (BTC=X) Dominance Drops Off After Bitcoin Rally Begins to Correct

BTC dominance has steadily grown since the massive $1,000 green candle that happened back in April, sending Bitcoin on a parabolic rally that has taken the entire world by storm. But before Bitcoin could reach a new all-time high, its parabolic rally is in serious jeopardy, and the first real correction since the rally began is playing out.

The correction that hit Bitcoin, also has caused BTC dominance to correct, and its uptrend has been broken. BTC dominance has fallen from a high of near 67%, to under 65%. But it’s the uptrend line that’s been broken that is significant. With BTC dominance potentially ready to plummet, could this finally be the alt season crypto investors have been waiting for?

Overall, the bias in prices is: Upwards.

The projected upper bound is: 12,007.71.

The projected lower bound is: 8,316.18.

The projected closing price is: 10,161.95.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 28.6951. This is not an overbought or oversold reading. The last signal was a buy 11 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 46.59. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 28 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -71. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 24 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 438.530 at 10,114.280. Volume was 81% below average (consolidating) and Bollinger Bands were 20% wider than normal.

Open     High      Low     Close     Volume___
9,644.50010,195.5709,608.10010,114.280 16,927

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 10,204.61 10,239.86 6,239.22
Volatility: 105 106 78
Volume: 87,239 92,152 79,589

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 62.1% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 9 periods.

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