Evaluation
Bitcon and the USD index have been in a clear negatively correlated battle for some time, with one asset pumping as the other dumps. The recent decline of BTC price from NEW ATH is no coincidence at the same time we have seen a strong reversal in the USD index MP movement.
Current situation
The evidence strongly points to the fate of the 2 assets both hang on the balance of one another, more interestingly is the current market price postions with BTC hanging on suppot or the 200 MA and the USD index pushing hard against resistance.
The outcome
The coming week should be big for both assets and it seems both are weighing up a big move I feel that one asset will lead the other with these possibilities.
1) USD index gets rejected from resistance and BTC bounces from the 200 MA support
2) USD index breaks out past the current resistance and BTC dumps to lower levels of support.
Bitcon and the USD index have been in a clear negatively correlated battle for some time, with one asset pumping as the other dumps. The recent decline of BTC price from NEW ATH is no coincidence at the same time we have seen a strong reversal in the USD index MP movement.
Current situation
The evidence strongly points to the fate of the 2 assets both hang on the balance of one another, more interestingly is the current market price postions with BTC hanging on suppot or the 200 MA and the USD index pushing hard against resistance.
The outcome
The coming week should be big for both assets and it seems both are weighing up a big move I feel that one asset will lead the other with these possibilities.
1) USD index gets rejected from resistance and BTC bounces from the 200 MA support
2) USD index breaks out past the current resistance and BTC dumps to lower levels of support.