BTC Cap Dominance RSI — Indicator by chanu_lev10k

trendanalysis bitcoin btc btcusd relativestrengthindex cap dominance

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.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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