Continued Chop // DXY Liquiduity Purge validates BTC Longs Long

Bitcoin / TetherUSBinance

Description

⋅ Jul 8, 2021 11:35 AM

DXY broke above key target ~92.68, but was strongly rejected by the ascending trendline. (as per previous idea)

DXY is currently in open space, leaving some uncertainty for BTC.

Extension from the 20W SMA has touched local lows, with potential to revisit further lows of late June.

With BTC nearing strong support $31,000, we can assume any continued downside in the DXY would result in a front-run of longs in BTC.

Smart money is DCAing now.

Limit set: $31,450 // S/L $30,780 // T/P - tbc

Longs validated.

Trend Analysis Chart Patterns

Comments

nativetulip087

⋅ Jul 20, 2021 11:30 AM

Stop loss triggered.

Longs still valid at these levels. r/r preserved with mid frame close above support @ $31,000.

DXY reaching up to strong resistance, DOW Jones looking to rebound from support, and negative narrative around BTC is forming a perfect storm.

Probable that current dip is a short purge, although vol of shorts does need to increase slightly.

nativetulip087

⋅ Jul 27, 2021 3:21 PM

@nativetulip087,

To conclude, volume of shorts increased well, and DOW rebounded strongly from support. Also, DXY continues to be rejected from strong resistance.

As seen over the weekend, there was a large potential for profit, but the entry was poorly evaluated.

Stop loss triggered at $29,740 = -5.44%

nativetulip087

⋅ Jul 16, 2021 11:59 AM

S/L moved from $30,780 to $29,740

nativetulip087

⋅ Jul 15, 2021 6:03 PM

Limit hit $31,450

Longs valid, strong position with narrative forming over the coming week.

Potential for 20%+ here.

Stop loss set as always.

nativetulip087

⋅ Jul 14, 2021 9:55 AM

Limit just missed. Still possibility to hit before recovery.

Longs still valid