Altcoin Analysis: Bitcoin Approaches $12,000 Amid a 28-Month High in Dominance
The leading cryptocurrency rose above $11,120 in the morning, thus breaking the bearish pattern with a lower maximum, formed on July 20, and reached a peak at $11,868 later today. This is the highest level for Bitcoin since July 12th.
Along with the price, the domination index is also growing — today it has reached the value of 67.9%, which is equivalent to the levels of mid-April 2017. A number of analysts expect to see continued growth due to this factor. Thus, Winnie Lingham, the co-founder of the Civic crypto-project, noted on April 10 that the deviation of the Bitcoin rate from the rest of the market is a bullish signal.
Based on these observations, CoinDesk’s analyst concludes that continued growth to resistance at $12,030 looks like a viable scenario.
Rise of Bitcoin above the bearish high at $11,120 is supported by an increase in the relative strength index (RSI) above 50. In addition, the moving average convergence/divergence (MACD) continues to rise, which is another bullish signal.
The course was taken above the 50-day moving average. 5- and 10-day values are also directed upwards. The bullish scenario is supported by increased trading volumes.
Closing the daily candle above $12,030 on substantial volumes will confirm the exit from the channel and open up the opportunity to rise to a maximum on July 26, $13,880.
The bullish pattern will be weakened if today’s candle closes below $11,120 with a long wick at the top — a sign of customer exhaustion.
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Author: Marko Vidrih