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BTC.D is exhibiting a rising wedge on the weekly timeframe, recently encountering resistance at the upper trendline. The Relative Strength Index (RSI) is currently in the overbought territory and hinting at a potential bearish divergence.
A downward break from the current price channel, confirming the rising wedge breakdown, would be a significant bearish signal. A sustained drop below the wedge would further strengthen the bearish outlook.
If both Bitcoin (BTC) and BTC.D decline together, it could indicate capital exiting the crypto currency market as a whole. However, a scenario where BTC.D falls while BTC remains flat or even rises could suggest an upcoming upswing for altcoins.
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