BTC dominance - overbought

Time to be careful. On the 1-day chart above BTC.D (D for dominance) is indicated as overbought (green column). Stochastic RSI is at 99.43!! (Out of 100) that is clearly bonkers. Money Flow Index (MF) is at 100.8 (how is that possible?!). Looking left MFI has never been here before for all of the BTC dominance history.

Can BTC dominance continue to increase? Absolutely.

Is it probable? Very unlikely.

交易开始:

Watch closely - BTC.D is showing increasing signs of reversal. IF today's candle closes as below, a Gravestone DOJI, a surge in the alt-coin market can be expected in the days / week ahead.

交易手动结束:

Reversal seems increasingly likely, shooting star candle is printed, ideally today must close bearish also to fully confirm.

If history repeats a 7-10% pullback should be observed. During that time in November Alt-coins performed very well.

评论:

Large bearish engulfing candle on the 1-day together with bearish divergence between price action and the oscillators.

交易手动结束:

Correction over - consolidation period now follows.