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Chart of the Day – Bitcoin Dominance BTC.D – Daily chart
For the past two weeks, the BTC dominance has been trending down, as cash started flowing out of BTC into certain altcoins. This has resulted in the altcoin market outperforming Bitcoin over the period, where we have also seen some massive gains in some alts over the last two weeks.
The Daily chart is currently showing us that not only the Relative Strength Index (RSI) oversold, and starting to trend up, but also the Stochastic Relative Strength Index (STOCH RSI) has bottomed out and crossed to the upside. This indicates that we are close to a trend change and for the Bitcoin Dominance to once again start trending up, and retest higher levels. Levels that could be tested, are the 42%, 42.5%, or even 43%. This BTC.D trend reversal can either be from Bitcoin retracing to the downside, or there could be a bullish move in Bitcoin to the upside, over the next couple of days.
We do not see this as an extended move of the BTC.D to the upside, but more of a correction, where the trend of the dominance will continue to weaken after higher levels have been tested, resulting in the altcoins continuing to outperform Bitcoin over the next couple of weeks.
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