Adding perspective to the current BTC price action
Greetings Traders
The DXY has been a very accurate leading indicator and can be an added confirmation when deciding precise entries and exits in trading BTC through the last quarter of the year.
(A) - (B):
BTC spot price fell a sharp 18.62% (01SEP) - (08SEP) L/H 7 bars (8 days)
GBTC dropped 24% (01SEP) - (04SEP) L/H 3 bars (3 days)
DXY gained 2.13% (01SEP) - (09SEP) L/H 6 bars (8 days)
(B) - (C):
BTC spot price bounced 14.12% (08SEP) - (19SEP) 11 bars (11 days)
GBTC bounced 15.2% (04SEP) - (16SEP) 7 bars (12 days)
DXY fell 1.03% (09SEP) - (18SEP) 7 bars (9 days)
(C) - (D):
BTC spot price fell a sharp 14.4% (01SEP) - (08SEP) L/H 7 bars (8 days)
GBTC dropped 24.15% (16SEP) - (24SEP) L/H 6 bars (8 days)
DXY gained 2.18% (18SEP) - (25SEP) L/H 5 bars (7 days)
(D) - (E):
BTC spot price bounced 8.36% (23SEP) - (28SEP) 5 bars (5 days)
DXY will get a bounce, thus BTC spot price and GBTC will fall in price in proportion to the % rise in the DXY . This can ultimately be taken to more complex levels of analysis, but the high level view of this simple concept will prove very effective in the coming months for confidently entering into trades with BTC as it may provide another viewpoint.
Please comment below! I would love to hear everyone's thoughts.
-JNY
The DXY has been a very accurate leading indicator and can be an added confirmation when deciding precise entries and exits in trading BTC through the last quarter of the year.
(A) - (B):
BTC spot price fell a sharp 18.62% (01SEP) - (08SEP) L/H 7 bars (8 days)
GBTC dropped 24% (01SEP) - (04SEP) L/H 3 bars (3 days)
DXY gained 2.13% (01SEP) - (09SEP) L/H 6 bars (8 days)
(B) - (C):
BTC spot price bounced 14.12% (08SEP) - (19SEP) 11 bars (11 days)
GBTC bounced 15.2% (04SEP) - (16SEP) 7 bars (12 days)
DXY fell 1.03% (09SEP) - (18SEP) 7 bars (9 days)
(C) - (D):
BTC spot price fell a sharp 14.4% (01SEP) - (08SEP) L/H 7 bars (8 days)
GBTC dropped 24.15% (16SEP) - (24SEP) L/H 6 bars (8 days)
DXY gained 2.18% (18SEP) - (25SEP) L/H 5 bars (7 days)
(D) - (E):
BTC spot price bounced 8.36% (23SEP) - (28SEP) 5 bars (5 days)
DXY will get a bounce, thus BTC spot price and GBTC will fall in price in proportion to the % rise in the DXY . This can ultimately be taken to more complex levels of analysis, but the high level view of this simple concept will prove very effective in the coming months for confidently entering into trades with BTC as it may provide another viewpoint.
Please comment below! I would love to hear everyone's thoughts.
-JNY
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