Today we are looking at the Bitcoin Dominance (BTC.D) index chart and multiple signals are pointing to it going higher.
Let's have a look at those.
First, we can see that there wasn't much strength on the retrace from June to July. Its price moved below EMA10/21/50 and managed to close back above these levels by July 10. Prices are now safely trading above EMA10/EMA21 and EMA50. This is a strong positive for the bulls.
Second, we have a solid RSI above 50.
The MACD is showing a young bullish cross while already above the zero line...
This can turn into a huge positive but we are still lacking momentum.
Bitcoin Dominance Chart Analysis Conclusion
We have some good potential here but the signals are not really strong. The bulls have the upper hand, based on the chart technicals, but there is no momentum.
Breaking and closing below EMA50/10 would invalidate basically all of the signals pointed out above.
Bitcoin has been consolidating for a long while... Maybe is time to go UP!
What do you think will happen next? Leave us a comment.