DXY got a shot in the arm so commodities and indexes are falling. Although, I don't know how long it's going to last... Is this the end of the S&P's new all-time high? Will USOIL rise back into the 80's? Market sentiment can change in an instant.
Bitcoin reached 50k and then retreated to 48.4k. It's now consolidating. Maybe we get a pullback to 49.3k or we continue the fall to trendline support at 44.3k. Gold is at a strong support as well around 1992k. I see a potential pullback to 2020k and potentially to the high end of the range to 2060k. If 1990 holds, we can ride the uptrend. If 1990 breaks, and rejects after a retest, we could see 1960 within the next week or two. If gold continues the break below 1925, we could be on the way to 1775k with a minor support in between at 1862.
Bitcoin reached 50k and then retreated to 48.4k. It's now consolidating. Maybe we get a pullback to 49.3k or we continue the fall to trendline support at 44.3k. Gold is at a strong support as well around 1992k. I see a potential pullback to 2020k and potentially to the high end of the range to 2060k. If 1990 holds, we can ride the uptrend. If 1990 breaks, and rejects after a retest, we could see 1960 within the next week or two. If gold continues the break below 1925, we could be on the way to 1775k with a minor support in between at 1862.
Trade active:
DXY is still pumping with no clear signs of slowing down. I'm short on stocks and commodities. The question is, is this a complete trend reversal or a pullback? I'm still awaiting some higher timeframe confirmations to determine that answer. 1990 is still holding strong for Gold. BTC retraced to 49.3k. SPX took a big dump but still has upside retracement potential. Short for now.