The dollar has found support just bellow its 2012 trend line. A rally has been announced by a morning star pattern supported by positive divergence on the RSI and Stoch.
Existing positions which benefited from a weak dollar should be reevaluated.
Have a nice trading week!
As always, don't rush after the price. Wait for the close at least on the 8H for confirmation of the pattern break.
Conservative traders are best served by waiting for a close on the 1D chart.
Have a nice trading on the rest of the week!
Safe Strategy: Close your long as soon as Stoch RSI deeps below 80, not a second before.
Adamant Strategy: Close your long after MACD a confirmed crossover takes place, not a second before.
By the looks of this chart there may be a bear trend in the long run.
However investors must take into account the speculative nature of Bitcoin which might continue to drive the price up regardless of any divergence.
My recommendation is to monitor momentum using StochRSI or other tool of your choice to keep sudden reversals in check.
Safe strategy: Wait for Breakout Moe confirmation, open long position.
Risky strategy: Open long position immediately and monitor closely for any surprise reversals.
NOTE: Divergence in the M15 scale is even larger making for better odds.