Bitcoin Peaked? Prices Are Likely To Move Lower

9 Jan 2020

Looking at the Market Cap BTC Dominance (BTC.D) chart, it looks like Bitcoin (BTCUSD) peaked...

Now, this isn't based on the BTCUSD chart, which can give us different signals but instead the "Bitcoin Dominance Chart".

What the signals are telling us here is that BTC.D peaked, how's that?

• We can see a higher high when it comes to BTC.D, but the MACD and RSI are showing a lower high.
  
• There is a long wick on the last candle that closed.
  
• The RSI is trending down and the MACD isn't looking good.
  

BTC.D can surely go higher, but first, a retrace is taking place.

The first support that is sure to be tested is 69.98 or EMA10. A bounce can happen here just as it can continue going lower... Look at the arrows on the chart for the different potential scenarios.

Thanks a lot for reading.

Namaste.