AUG 9th USDT.D analysis
5.96 was a big measured move from the previous bear flag and we can see 2 consolidations for a double bottom bounce. Big daily/weekly wedge to watch still especially with CPI data which will affect all markets likely tomorrow.
It went sideways long enough after the bear flag break towards the right side and wedge resistance even though we are seeing lower highs on the bigger swing. A backtest here of the breakout.
Much like the VIX, you can argue that it's not something you chart but you can compare the movement and see there is a large inverse relationship between this and BTC. Use it as a tool to supplement your other analysis!
5.96 was a big measured move from the previous bear flag and we can see 2 consolidations for a double bottom bounce. Big daily/weekly wedge to watch still especially with CPI data which will affect all markets likely tomorrow.
It went sideways long enough after the bear flag break towards the right side and wedge resistance even though we are seeing lower highs on the bigger swing. A backtest here of the breakout.
Much like the VIX, you can argue that it's not something you chart but you can compare the movement and see there is a large inverse relationship between this and BTC. Use it as a tool to supplement your other analysis!
Note
Actually didn't even realize until posted yesterday, nice bearish butterfly. At target #2 5.92 now, wicks into that level and also a demand zone. Time will tell how this retraces or continuation down towards bigger target.Note
Zones and zones. Self explanatory, tests and retests.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.
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.