With price (44,300) currently hovering above the 20W Moving average (43,370), a test is suggested to be imminent.
3 Possible scenarios:
1. A test does not come for the foreseeable future, this would indicate an unsustainable rally to retracements .618,.702 and .786. (20%)
2. The 20W MA is tested in the next 2 weeks. This test fails and we see a weekly...
The DXY continues to struggle against retracements of the October 2020 fall.
The critical .786(93.21) and and 93.43 pose extreme resistance.
Should a move in the short/mid term break these levels, a test of the 0.5(crash of 2002) is plausible.
Long term outlook remains strongly bearish.
Short order is placed to show theoretical levels of trend reversal.
After a significant move to the upside, thanks to short liquidations, BTC:USDT finds itself struggling to break various significant milestones.
A retracement of the current local high ~$40,500 has broadened resistance levels, and enabled the convergence of the .702 and 21W EMA.
This convergence is expected to pose extremely strong resistance.
We can therefore...
DXY broke above key target ~92.68, but was strongly rejected by the ascending trendline. (as per previous idea)
DXY is currently in open space, leaving some uncertainty for BTC.
Extension from the 20W SMA has touched local lows, with potential to revisit further lows of late June.
With BTC nearing strong support $31,000, we can assume any continued downside in...
The DXY is expected to breakout by 02-07.
The direction of momentum is yet to be decided, with both options shown on the top chart.
DXY movement may base around trend lines, colour-coded from red-green.
(Orange = Weakest, Green = Strongest)
Bitcoin is expected to react to either movement.
An Upside break for the DXY would suggest a further test on the $31,000...
Confirmation of the support level (~$32,200) flipping to resistance indicates downwards momentum in the short term.
A 4hr close underneath the support/resistance would confirm the flip, bringing the target to ~$31,000.
Longs from this point should be validated.
Comments will indicate entry price,
Expect a move to the $31,000 level within the next 12 hours.
Chart depicts the three most probable outcomes IMO.
Potentially multiple attempts to break $42,000, similar with 0.5 Fib level.
Structures suggest long-term holds still valid. Should we break to the downside from this pennant, a re-test of local low: $30,000 becomes probable.