* In previous bull cycles, BTCUSDT has always consolidated between the 1.618X to 4.236X of the previous ATH.
* Sep has historically been a poor month for BTCUSDT.
* BTCUSDT has broken down from the ascending parallel channel it was in.
* BTCUSDT has formed a new descending parallel channel.
* BTCUSDT is dropping despite DXY dropping. The drop in BTCUSDT is due to current weakness in BTCUSDT (see RSI and volume).
* BTCUSDT may be retesting the 20W SMA.
* Ideally, the 20W SMA will serve as a spring to push BTCUSDT towards $73.5K (4.236X of previous ATH).
* Sep has historically been a poor month for BTCUSDT.
* BTCUSDT has broken down from the ascending parallel channel it was in.
* BTCUSDT has formed a new descending parallel channel.
* BTCUSDT is dropping despite DXY dropping. The drop in BTCUSDT is due to current weakness in BTCUSDT (see RSI and volume).
* BTCUSDT may be retesting the 20W SMA.
* Ideally, the 20W SMA will serve as a spring to push BTCUSDT towards $73.5K (4.236X of previous ATH).
Trade closed: target reached:
Well, this is not what I wanted, but BTCUSDT indeed touched and bounced off the 21 weekly SMA.
Comment:
And BTCUSD kissed the line again. Let's see if things indeed go as per expected.
* BTCUSDT exited the descending channel.
* Let's see if it can break through the 50K psychological barrier and re-enter the original ascending channel.
* Optimally, this should happen asap with significant volume as the weekend is approaching.