The ticker is a custom one. The formula is BTCUSD * DXY. Sometimes BTCUSD pair increases not because BTC has become more valuable, but US Dollar has weakened. Therefore, this ticker allows us to account for that inverse relationship.
Regardless, the pattern will not be so much different from the original BTCUSD pair.
However, one improvement is that the MACD patterns are so much more clearer. As it can be seen, our MACD had called "top" around late February, but we have seen greater highs since. That does not mean, however, that we are going to go up continuously. One could agree that BTCUSD has been losing a lot of momentum for the last couple of weeks. Not only the price action, but also the BTC Dominance helps make that point.
So, with diminishing momentum, I believe that we have reached a make or break moment for BTC. Either we break above 59K to get out of the parallel downward channel we have entered since our 64K top. Or, we break below 53K and face a strong pullback until 40-45k or thereabouts.
If there happens to be no significant downtrend in global markets, or any additional scares, the 40K pullback scenario would lose its likelihood.
Not trading advice.
Regardless, the pattern will not be so much different from the original BTCUSD pair.
However, one improvement is that the MACD patterns are so much more clearer. As it can be seen, our MACD had called "top" around late February, but we have seen greater highs since. That does not mean, however, that we are going to go up continuously. One could agree that BTCUSD has been losing a lot of momentum for the last couple of weeks. Not only the price action, but also the BTC Dominance helps make that point.
So, with diminishing momentum, I believe that we have reached a make or break moment for BTC. Either we break above 59K to get out of the parallel downward channel we have entered since our 64K top. Or, we break below 53K and face a strong pullback until 40-45k or thereabouts.
If there happens to be no significant downtrend in global markets, or any additional scares, the 40K pullback scenario would lose its likelihood.
Not trading advice.
