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For Bitcoin to keep rising the dollar index must continue to crash. Currently DXY is forming a rising wedge , which if it breaks down will lead to a crash in Bitcoins price and if it breaks up will lead to a massive continuation of this Bitcoin rally.
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EDIT: DXY has formed a Falling Wedge, not Rising Wedge
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Edit: Currently, DXY has formed a falling wedge pattern. If the wedge breaks down, I expect Bitcoin to rally, and visa versa if the pattern breaks upward. This idea is based on the fractal within the chart below
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Sorry if this sounds stupid, I’m still a bit new at doing TA. But to me it looks like it’s in a down trend according to the 200ema and it broke down through the triangle. Is that an indication that it will continue? Or are you saying there is a possibility it will rally back up? I guess at what point do you question the downtrend? Thanks!
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@Akimbo111, We are at an inflection point. Once consolidation has completed there will be a significant move in one direction.
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@Akimbo111, What would happen to the value of the USD & cryptocurrencies if the USA, Israel & Saudi Arabia attack Iran before Biden becomes the next President?
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@ProfitHarvest, Sometimes they correlate, sometimes they don't but with Bitcoin the correlation seems to be at a higher degree.
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@M0ckk, Agreed. 92 gonna be hard to break through, what's your over/under? With the bit of data I have I'd say 70/30.
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@ProfitHarvest, Based off of past formations, I'd say there's about an 80% chance we reach the 88 level.
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@M0ckk, If the USA & global fiat currencies rapidly crash in value how will that impact the value of Bitcoin & other cryptocurrencies?
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