Bitcoin / TetherUSUpdated A Dollar based warning about BITCOIN
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.
Note
first sign of confirmation:Note
actually btc is holding up much better than gold and bonds!
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.