OPEN-SOURCE SCRIPT
BTC Cap Dominance RSI
BTC Cap Dominance RSI indicator is a combination of the RSI of Bitcoin Market Cap and the RSI of Bitcoin Dominance. The concept of this indicator is to get a good grasp of the bitcoin market flow by combining bitcoin dominance as well as bitcoin market cap.
BTC Cap Dominance (BCD) RSI is defined as:
BCD RSI = (BTC Cap RSI + BTC Dominance RSI) / 2
Case 1 (Bull market):
Both Cap RSI and Dominance RSI values are high
Case 2 (Neutral market):
Cap RSI is high but Dominance RSI is low
Cap RSI is low but Dominance RSI is high
Case 3 (Bear market):
Both Cap RSI and Dominance RSI values are low
(Note) Please note that the market capitalization symbols (CRYPTOCAP:TOTAL and CRYPTOCAP:TOTAL2) of TradingView started in January 2020, so you can check the indicator value from this point on.
BTC Cap Dominance (BCD) RSI is defined as:
BCD RSI = (BTC Cap RSI + BTC Dominance RSI) / 2
Case 1 (Bull market):
Both Cap RSI and Dominance RSI values are high
Case 2 (Neutral market):
Cap RSI is high but Dominance RSI is low
Cap RSI is low but Dominance RSI is high
Case 3 (Bear market):
Both Cap RSI and Dominance RSI values are low
(Note) Please note that the market capitalization symbols (CRYPTOCAP:TOTAL and CRYPTOCAP:TOTAL2) of TradingView started in January 2020, so you can check the indicator value from this point on.
Script open-source
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