A Dollar based warning about BITCOIN
Updated
This is more like long term analyze about ₿. Of course, ₿ is bullish but how much can it go higher? Those who bought lower, when will they take profit and wait for a better price to buy again?
I want to point out a few things that I haven't seen anywhere else.
First, the volume pattern is exactly like the previous cycle from 19K to 24K:
1- pump with the highest volume
2- volume divergence as the price goes higher
3- another peak volume with another higher high (we are here)
4- lower price and lower volume
Second, $ is near a support. I charted the inverted DXY. Yes, bitcoin is bullish and DXY is bearish for NOW, and you know the dollar drama better than me. If $ loses the support, it is better for pushing bitcoin higher, but be careful about the opposite...
Bitcoin's nature is strongly bullish on its own, but a trend reverse on dollar can pull it down a bit before going higher again which may happen in the next US rates decision.
Third, the momentum. If ₿ does not go higher with higher volume and higher momentum in the following days, it maybe follow a healthy (big or small) correction like the past 19K-24K cycle.
I want to point out a few things that I haven't seen anywhere else.
First, the volume pattern is exactly like the previous cycle from 19K to 24K:
1- pump with the highest volume
2- volume divergence as the price goes higher
3- another peak volume with another higher high (we are here)
4- lower price and lower volume
Second, $ is near a support. I charted the inverted DXY. Yes, bitcoin is bullish and DXY is bearish for NOW, and you know the dollar drama better than me. If $ loses the support, it is better for pushing bitcoin higher, but be careful about the opposite...
Bitcoin's nature is strongly bullish on its own, but a trend reverse on dollar can pull it down a bit before going higher again which may happen in the next US rates decision.
Third, the momentum. If ₿ does not go higher with higher volume and higher momentum in the following days, it maybe follow a healthy (big or small) correction like the past 19K-24K cycle.
Comment
first sign of confirmation:Comment
actually btc is holding up much better than gold and bonds!
nfa & dyor
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