DXY has been a topic of discussion since the start of the down-turn of the stock and crypto markets.
Here's a very large time scale chart of the DXY.
To me it looks like it's breaking out of this massive triangle pattern.
We could be seeing DXY soar for the next few years. Could this mean a much deeper recession than expected?
The market is extremely bearish.
IMO this looks like a falling wedge that has good possibility to break bullish though.
RSI had bullish divergence. MACD looking close to crossing.
Would expect it go to 41.5k or possibly higher if it does.
Break down would likely go to 35k once again.
I've mentioned before how RSI only uses closing price to plot its line. This means you have to wait for price to close before the final value of the RSI is valid.
A trap I've fallen into is using RSI data that isn't complete. Let me give a few examples.
This weekly chart looks promising. Bullish candle and RSI...
RSI and price are both fixing to break below key levels. A break below the trend line can lead to major downside in the short term. Especially if we end up below 35k.
Ichimoku Cloud on the daily is leaning bearish. Price has broken beneath the cloud as has the lagging span. Any...
Bitcoin has been in consolidating for nearly 2 months. Expect an explosive move once we break out one way or another.
It looks like a continuation pattern for Bitcoin. RSI making higher highs as price action making lower highs. If so then I expect a continuation of the larger trend to continue. The larger trend being...
Another straightforward post. This time on the daily.
BTC trying to hold 38k after being rejected at 43k.
RSI is bearish. Volume is low. 38k seems inevitable that it will fail to hold though we may come back to 40k before that happens.
Looking for 30k if/when we break down further.
Real life obligations have kept me from posting for quite some time.
Here's a quick update on BTC.
BTC mostly sideways, but broke below a key level last week. I think its very likely we head down further in the coming weeks and head back to 32k. Looking for RSI to get below 40 to look for buying opportunities.
Would want to get firmly above 46k first before I'd...
It looks like we may have another leg to the downside. Expect support at 43 and 41k. Could have a relief rally afterwards but will be short lived if we do.
Weekly chart looks like we may be heading further down, possibly 31k in the coming weeks/months.
TLDW: Probably a little more downside followed by a relief rally. Areas of resistance at 55k and 58k. Need to get back over 60k to really be bullish once again. Some signs this may be the first leg of a larger downward move, but time will tell.