🔥 Bitcoin Severely Overbought: Altcoin Season Incoming
In this chart I want to shed some light on the Bitcoin Dominance (BTC.d) and the fact that it's severely "overbought". I'm aware that the BTC.d chart is not representing price, hence applying Technical Analysis on this chart is dubious at best.
Still, the RSI indicator appears to be very decent for signaling reversals, even on this chart.
As seen on the bottom, the weekly RSI is currently sitting above 70, which indicates that the BTC.d chart is severely overbought. In the total history of this chart, this has only occurred a handful of times. Every single time this occurred the dominance went down for at least a couple of weeks.
As we all know, when the BTC.d goes down it means that alts are outperforming Bitcoin. When the market is bullish that would mean that alts will rise quicker than BTC. In a bearish environment it would indicate that alts will decline less than BTC.
Whether we're going up or down; Altcoin season is upon us.
Still, the RSI indicator appears to be very decent for signaling reversals, even on this chart.
As seen on the bottom, the weekly RSI is currently sitting above 70, which indicates that the BTC.d chart is severely overbought. In the total history of this chart, this has only occurred a handful of times. Every single time this occurred the dominance went down for at least a couple of weeks.
As we all know, when the BTC.d goes down it means that alts are outperforming Bitcoin. When the market is bullish that would mean that alts will rise quicker than BTC. In a bearish environment it would indicate that alts will decline less than BTC.
Whether we're going up or down; Altcoin season is upon us.
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