At first glance the recent price action of BTC downwards seems fairly random, but after a closer look there seems to be a repeated pattern: after touching the LH trendline there is a rapid decline in price followed by a modest pullback up, sideways movement for some days and finally a reachout towards testing the trendline again. Presently we could in the process of approaching the trendline. The last touch to it was six days ago.
In the chart above the stepwise pattern is continued 3-4 weeks more. The downward pressure may not continue that long and the price may break to the upside sooner, or later. The intention of this chart is to present one plausible scenario for the price action that we should be ready for.
This scenario is consistent with my earlier idea of DXY taking a swing to the upside, and since BTC is inversely correlated to DXY, BTC is correcting. That idea which I am linking below seems to be playing out nicely. We might expext one more bounce of DXY upwards before it continues its way down. During that bounce BTC can take several steps down, even to test the 20k level.
DYOR! Trade safe and take care.
Cheers Whoop
In the chart above the stepwise pattern is continued 3-4 weeks more. The downward pressure may not continue that long and the price may break to the upside sooner, or later. The intention of this chart is to present one plausible scenario for the price action that we should be ready for.
This scenario is consistent with my earlier idea of DXY taking a swing to the upside, and since BTC is inversely correlated to DXY, BTC is correcting. That idea which I am linking below seems to be playing out nicely. We might expext one more bounce of DXY upwards before it continues its way down. During that bounce BTC can take several steps down, even to test the 20k level.
DYOR! Trade safe and take care.
Cheers Whoop
