BitcoinUpdated Bitcoin showing some cracks - caution advised
- follow up analysis on USDT D. chart I posted yesterday
- the two have an inverse correlation so if USDT D. is making new all time lows, Bitcoin is making new ATHs and vice-versa
- with USDT D. threatening a range breakout it therefore makes sense to watch for signs of weakness with Bitcoin itself
- yesterday´s rejection happened right at the 0.618, making a lower high
- furthermore a clean S/R flip (red) occured alongside a textbook rejection of the 50 level on the RSI
- if range low is broken, the likely path for the king then is filling the CME gap that is roughly at the 78k area
- the two have an inverse correlation so if USDT D. is making new all time lows, Bitcoin is making new ATHs and vice-versa
- with USDT D. threatening a range breakout it therefore makes sense to watch for signs of weakness with Bitcoin itself
- yesterday´s rejection happened right at the 0.618, making a lower high
- furthermore a clean S/R flip (red) occured alongside a textbook rejection of the 50 level on the RSI
- if range low is broken, the likely path for the king then is filling the CME gap that is roughly at the 78k area
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USDT D. looking like a breakout
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.