BTCUSDT, out of the weekly range, CONTINUATION 🙏🏻🙏🏻
Hello everyone, we have FINALLY broken the damned range.
Notably due to a weakness of the DXY , we see a strong rise in shares and forex pairs EUR / USD etc..
Background :
As I said in previous TAs I think the DXY probably has top for a few months. This should give us time for our first bear market rally. We also see that central banks are starting to raise rates with less aggressivity, ie bank of canada with a rate at 50 bps vs 75 expected, FED that expressed its intention to reduce its QT.
Technical analysis :
As we can see on the chart, I expect a strong buyout of the first support. In this kind of break, we need to see a relatively quick continuation which does not let many people buy back in, especially those who sold the range.
The longer we wait in this spot the less conviction I will hold in this rally.
If we lose the first support it remains bullish , however if we lose the second it is game over with in the best case a return to 18k and potentially a break to 14k.
Notably due to a weakness of the DXY , we see a strong rise in shares and forex pairs EUR / USD etc..
Background :
As I said in previous TAs I think the DXY probably has top for a few months. This should give us time for our first bear market rally. We also see that central banks are starting to raise rates with less aggressivity, ie bank of canada with a rate at 50 bps vs 75 expected, FED that expressed its intention to reduce its QT.
Technical analysis :
As we can see on the chart, I expect a strong buyout of the first support. In this kind of break, we need to see a relatively quick continuation which does not let many people buy back in, especially those who sold the range.
The longer we wait in this spot the less conviction I will hold in this rally.
If we lose the first support it remains bullish , however if we lose the second it is game over with in the best case a return to 18k and potentially a break to 14k.