For the moment, this is only an early indicator of a potential bearish price movement of BTCUSD. DXY is showing strength, while BTCUSD is also showing some support at levels 38k to 41k USD. However, DXY is outpacing BTCUSD, and because BTCUSD/DXY^2 is showing some signs of weakness, and re-testing historically bearishly on the 3-Day 200 SMA for BTCUSD/DXY^2, it stands to reason that, unfortunately for Bitcoin holders, there is still a chance for a final capitulation before we are able to move higher with strength and conviction.
I hope I'm wrong. I remain neutral, as does this analysis. But it can quickly turn very bearish very quickly (and hopefully we can just sail back on up afterwards). Stay safe, watch the warning signs, and see you guys in 10 years when Bitcoin's at 500k+! <3
No matter what, remember the fundies. Trade your best trades. Hold when you can't perform those perfect trades. And stay safe.
I hope I'm wrong. I remain neutral, as does this analysis. But it can quickly turn very bearish very quickly (and hopefully we can just sail back on up afterwards). Stay safe, watch the warning signs, and see you guys in 10 years when Bitcoin's at 500k+! <3
No matter what, remember the fundies. Trade your best trades. Hold when you can't perform those perfect trades. And stay safe.