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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
bitcoin dominance
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This Technical Signal Says Bitcoin Dominance Has Potentially Peaked

Tony "The Bull" by Tony "The Bull"
2 months ago
in Bitcoin News
Reading Time: 2 mins read

Altcoin sentiment is at extreme lows, but that’s not the only thing reaching extremes. Bitcoin dominance, a measure of the top cryptocurrency by market cap’s weight compared to the rest of the space, also reached the most extreme reading ever on a technical indicator known for its precise timing and ability to pin-point reversals.

If accurate, it’s only a matter of time until altcoins once again outperform BTC.

Why The 50% Level In Bitcoin Dominance Is Critical

In recent weeks, BTC dominance reached above 50% — an important psychological level in the relationship between Bitcoin and altcoins. While the metric has been much higher — and lower — in the past, the idea that one coin is the size of all others combined is a massive accomplishment.

Related Reading: This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead

But after reaching only 2% above the 50% zone, Bitcoin dominance has struggled to push any higher and found resistance. The first signs of a possible reversal began as XRP was deemed not a security by a US judge. Since then, the relationship between Bitcoin and alts has since switch course.

The change in course coincides with the Fisher Transform flipping downward from the most extreme reading in the history of 2W BTC.D charts.

BTC.D_2023-07-21_14-28-31

The Fisher is turning down from +4 std. deviation | BTC.D on TradingView.com

The Fisher Transform Forecasts A Potential Altcoin Season

The Fisher Transform, created by John Elhers, converts price action into a Gaussian normal distribution in order to better highlight precise turning points in markets.

The tool’s readings are based on a standard deviation, where readings on the most extreme side of the bell curve are rare, and thus have a higher probability of reversal once the signal turns down. Such moves to extremes require enormous strength behind the underlying trend. But even the most powerful trends must eventually come to an end.

Related Reading: Perfect Storm: Why Bitcoin & Crypto Are Poised For A Dramatic Recovery

Reversing down from the highest point in 2W BTC.D history could suggest the trend favoring Bitcoin has ended, and the altcoins will perform better for the foreseeable future. Whether or not that leads to a sustainable altcoin season remains to be seen.

This chart originally appeared in issue #13 of CoinChartist (VIP). Subscribe for free.
Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtc.dbtcusdBTCUSDTcrypto
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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