opinion

Dollar weakness leads as ALT breadth breaks out

Kitco Media
By Aaron Dishner
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Dollar weakness leads as ALT breadth breaks out teaser image

My September 9 read separates trend confirmation from local caution. BTC is testing its next support sequence, ALT breadth is strong but stretched, DXY has confirmed a bearish break, USDJPY is falling, and oil is overdue for a correction after a tension-driven rise.

BTC tests the next support sequence

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Bitcoin daily Binance chart

BTC lost its first support fan yesterday. I’m watching what happens when price tags the Fast line, with the 0.786 Fib at 76,706 still needing to hold. Tuesday’s OBV cross below its white MA line is technically bearish, but the MA line’s angle remains so strong that considerably more weakness would be needed to turn it down. The two earlier 4h Close Longs closed when price tagged the Fast line, with nothing further since.

OTHERS.D stays strong bullish but stretched

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OTHERS dominance daily chart

OTHERS.D remains the strongest dominance chart in this review. RSI has been overbought since Saturday and price is extended from its Fast line, so a pullback is due, but its present state remains strong bullish. Dominance is market share, not spot price.

TOTALE50 market cap confirms a daily Breakout

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TOTALE50 market-cap daily chart

TOTALE50 market cap printed a Breakout on Tuesday’s daily close. TOTALE100 remains strong bullish on the daily and its OBV is moving higher. These are market-cap states, distinct from the similarly named dominance charts.

A close-up of a bitcoin and ethereum

DXY confirms a strong bearish trend

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DXY daily chart

DXY confirmed a close below TBO Support, so its trend is confirmed strong bearish. The falling dollar is helping EURUSD move slightly higher. This is an already-confirmed state, not a future trigger.

USDJPY falls toward 152.092

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USDJPY daily FXCM chart

USDJPY is falling, and the next low that needs to be taken out is 152.092. This is where I see the most action in TradFi right now.

Oil rises into a fifth overbought day

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Light crude oil futures daily chart

Oil futures pushed up 3% because of Middle East tensions. At the same time, RSI has now logged five confirmed overbought days, leaving the market even more overdue for a correction.

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Kitco Media

Aaron Dishner

Co-founder and lead instructor at The Better Traders, Inc., an international crypto education company, and owner of the popular crypto bot trading YouTube channel Moonin Papa, Aaron Dishner serves over 25,000 students across 36 countries as a world-leading bot trader and crypto day trading and swing trading expert. Combining his passion for educational excellence, stemming from a professional teaching background, with his remarkable skill set in crypto trading, Aaron’s mission is to make trading safe and accessible so anyone can learn to benefit from the greatest financial revolution of our time.
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BitcoinEthereumcryptoUSDJPYDXYEURUSDFXCM chartcrude oil
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