Hello Traders,
There are two factors that making #BTC approximately bearish !
-The 1st factor is about #GOLD/COPPER Ratio
-The 2nd factor is about the #DXY's negative correlation with #BTC's chart.
-As you can see there are multiple negative correlation points between #BTC and #DXY which has broke above an important resistance zone and it's kinda bad for #BTC if it's going to move further !
- BTC is holding it's bullish sentiment in daily TF and it will defend it's support level on 61k as #BTC is moving upward.
If bulls couldn't sustain the price to move higher , Then there'll be an immediate drop to lower support zone located at 57K, It'll be the last hope before any possible crash for bulls.
- Also there is a bullish breakout on #DXY and bullish pullback on GOLD/COPPER and both of them have negative correlation with #BTC on historical charts.
.
- At the end; have to mention that #BTC is not showing any weakness currently and Taproot & Schnorr signature( multi-signature transactions )will be implemented in less than 46 hours and it's the most important Bitcoin protocol updates since the SegWit upgrade from 2017 .
Good Luck Traders!
There are two factors that making #BTC approximately bearish !
-The 1st factor is about #GOLD/COPPER Ratio
-The 2nd factor is about the #DXY's negative correlation with #BTC's chart.
-As you can see there are multiple negative correlation points between #BTC and #DXY which has broke above an important resistance zone and it's kinda bad for #BTC if it's going to move further !
- BTC is holding it's bullish sentiment in daily TF and it will defend it's support level on 61k as #BTC is moving upward.
If bulls couldn't sustain the price to move higher , Then there'll be an immediate drop to lower support zone located at 57K, It'll be the last hope before any possible crash for bulls.
- Also there is a bullish breakout on #DXY and bullish pullback on GOLD/COPPER and both of them have negative correlation with #BTC on historical charts.
.
- At the end; have to mention that #BTC is not showing any weakness currently and Taproot & Schnorr signature( multi-signature transactions )will be implemented in less than 46 hours and it's the most important Bitcoin protocol updates since the SegWit upgrade from 2017 .
Good Luck Traders!