USD Daily Chart Shows Eventual Weakness Helping Bitcoin Price
If you compare this chart to my Bitcoin Daily Charts, you'll be able to make some comparisons. Just as I state in my BTC charts, the general trend is indicated by the 50 Day MA. In this chart it has flattened a little bit but the trend itself has mostly been in a downward slope, also confirmed by a nasty sloping 200 MA as well as the 50MA being below the 200.
It looks as if what we are seeing is an overbought dollar above the 50 MA which will eventually continue its downward trend.
The stochastic also shows a crossover getting ready to angle down which would indicate a continuation of the dollar losing value.
MACD seems to be slightly gaining momentum, but I expect that this will reverse.
Conclusion: BTC is much more volatile than the dollar, so we are seeing the downtrend in BTC currently in part as a rection to a slightly higher USD. I would suspect that once the USD resumes its downward trend, this will boost BTC, reversing its current move down making it raply to All Time Highs
I am HODL on my BTC at this time as we are not at the end of Wave 5 yet.
Patience Is Key.
It looks as if what we are seeing is an overbought dollar above the 50 MA which will eventually continue its downward trend.
The stochastic also shows a crossover getting ready to angle down which would indicate a continuation of the dollar losing value.
MACD seems to be slightly gaining momentum, but I expect that this will reverse.
Conclusion: BTC is much more volatile than the dollar, so we are seeing the downtrend in BTC currently in part as a rection to a slightly higher USD. I would suspect that once the USD resumes its downward trend, this will boost BTC, reversing its current move down making it raply to All Time Highs
I am HODL on my BTC at this time as we are not at the end of Wave 5 yet.
Patience Is Key.