The Dollar/Commodity relationship has resulted in a long downtrend for some commodities since 2014. What's interesting though is that Gold seems to have been trading in the same range since June 2013. If this consolidation breaks up, we could be facing some interesting times.
Although I wouldn't be betting on commodities with a DXY continuation still possible,...
LONG - We're at a strong support level and at the bottom of the consolidation. There's a good possibility we bounce here, which could make for a nice short term long. Levels of resistence are shown. A break above 218 would be more confirmation for long.
SHORT - A break below 215 could get ugly seeing how volume has been high throughout this cycle.
It's in a narrow range but it seems to be bouncing off 1935 support level again. Chaikin showing some divergence, meaning it could push for the 0-line. A possible long target could be 2000, judging by the drawn resistence points.
Breaking below 1935 could resume downtrend.
We're in a pretty big consolidation and taking either position at this point comes with risk. It's currently bouncing off the bottom of the triangle.
If it bounces up off the current level there might be a good long option there, be mindful of the levels and the downtrend line.
Whenever we leave this range the movement is gonna be big.
The longer term outlook for bitcoin has yet to be determined. The jump to 470 quickly turned into nothing but a cute attempt at a rally. One thing is promised though, when we leave here, whether up or down, it will be big.