Here's a quick look at the 8 hr. BTC chart. As we can see, the price broke below the rising channel and is currently testing the bottom of the support zone! If DXY keeps rallying, the support is not going to hold!
There are some unfilled Fair value gaps between 20k and 18k. These gaps tend to get filled at some point! Also, the DXY is expected to rally from its current level - when the DXY goes up, the BTC price will go down! I firmly believe the bottom will be close to the 10-12k area. We have yet to see the last capitulation, IMO, yet! Trade Safe!
------------------------------------------- Key Dates to Watch in March:
10 Mar: US Non-farm Payrolls 10 Mar: Mt. Gox Distribution 14 Mar: CPI Data Release 15 Mar: PPI Data Release 21/22 Mar: FOMC Meeting 30 Mar: GDP Report
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What's a Fair Value Gap?: A fair value gap is the difference between a financial instrument's theoretical value and market value, such as a derivative or security. It can indicate a misprizing opportunity for traders to profit by buying or selling at the misprized level. In other words, there is a gap in the price in which some open orders still need to be filled. The price will return to fill the orders.
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The price couldn't hold the support. The price is expected to close the Fair value gap at 20k since there is also a CME gap at that price.