a clear negatove correlation between the dollar index dxy and BTC. DXY dipped last year..a new bull run to 100 and above would lead to longer bear market for BTC and lower price levels to 3k..if this move is just a dead cat bounce for DXY then a new bull run for BTC is on the horizon !
while everybody is waiting for 8k level to hit the moving averages and bounce I expect to stay sideways (9k-11k zone) till the moving averages catch up and flatten at 10k area before any move above 13k.
disclaimer : this is not a trading advice.
looks like everyone stopped calling 15k and 16k and new ATH targets !
WHY 15-16k target now ?
1- This idea is pretty contrarian now while many waiting for that 8400 target !
2- bull flag formation after a strong rally is an indicator for continuation.
3- altcoins carnage with many hitting daily 200 MA and below.
4- Because WHY NOT !
Unless market is looking...
AFTER A MASSIVE RALLY AS IN PRE 2015 HALVING LTC APPRECIATED MORE THAN 7X SIGNALING A DEEP CORRECTION AS BTC ALSO NEARING A STRONG RESISTNCE AT 12K
TESTING 200 DMA IS INVETIBALE AND NO !! THIS TIME IS NOT DIFFERENT ;)
YES I KNOW MANY WOULD SAY THIS TIME IS DIFFERENT WE ARE HEADNG TO THE MOON W/O CORRECTION..
I KNOW HISTORY DOES NOT REPEAT ITSELF BUT IT RHYMES.. AND WE SHOULD SEE SIMILAR CORRECTIONS AS IN THE PAST VERY SOON !