M0ckk

Let me make one thing clear

TVC:DXY   U.S. Dollar Currency Index
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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.
Comment: EDIT: DXY has formed a Falling Wedge, not Rising Wedge
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Comment: 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

Comments

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!
+2 Reply
M0ckk Akimbo111
@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 Akimbo111
Ahh I see, thank you
+1 Reply
leroyessel0 Akimbo111
@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?
+1 Reply
You can replace "Bitcoin" with "Stocks" for this analysis too no?
+2 Reply
M0ckk ProfitHarvest
@ProfitHarvest, Sometimes they correlate, sometimes they don't but with Bitcoin the correlation seems to be at a higher degree.
+2 Reply
@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.
+2 Reply
M0ckk ProfitHarvest
@ProfitHarvest, Based off of past formations, I'd say there's about an 80% chance we reach the 88 level.
+2 Reply
@M0ckk, Interesting, thanks for the data.
+1 Reply
@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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