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Bitcoin's relation to the DXYHey everyone, Hope you all are keeping well. It has been a good while since I shared anything, but this actually is something I want to share. Many people are bullish again, but I'd like to weigh in here a little. Just so that both sides of the coin get some attention. I was looking into Bitcoin's relation with the US Dollar Currency Index (DXY). Historically, big bull-runs occurred when the DXY is in a downtrend. Now looking at this chart on a monthly timeframe is can be stated that the DXY broke out of a 30yr downtrend from 2015 onwards. Quite a significant event one could argue. We all know, Bitcoin came into existence, somewhere in January of 2009. Ever since, on a macro level, the DXY has been in uptrend. This can be supported by the fact the IMF and FED have been vigorously printing money in avoidance of a macro economic recession. Purchasing power has been in steep decline, because these inflative events tend to end up in the pockets of those who already have a considerable amount in them. Apart for any further socio-economical opinion, in the chart are a few findings I wish to share. (Green areas are the approximate historical bull-runs and the current one (thus far). Generally within these areas the DXY was trending down. More than not with some volatility, which can be found in most mid-cycle retracements.) In the periods where the DXY makes a move up, you can see Bitcoin (like all other crypto/digital assets and stocks too) trend down. In most higher timeframe events, anywhere between -75% and -85%. Currently, we are around -35%. With what might potentially come the end number would be around the 20K level. Also historically, whenever Bitcoin lost support of the 50W Moving Average, it came down to test the 200W MA for support (around $20K too), where it also always bottomed out. This could be the accumulation event that would make the difference on the next leg up. On this rally of the past two week, all we did was test the 200D MA, which we lost support of end of December of 2021. We got rejected, couldn't hold the $44K -$44.5K as support (also here was the bull market support band we shot above briefly around the 27th of March). Currently we are experiencing a possible bounce off of the uptrend line (low to mid $39K). Big question now is. What will happend next? Will we recapture some support levels or will we get another rejection before we can find some consolidation around the $44K-$45K price levels? Watch your step out there. Anything can happend and anything will happen. As always. Thanks for time and wish you a very pleasant day.
INDEX:DXY
by impatientmonk
Beware Bearish QQQ Setup.I don't like the QQQ set up here at all. There's a potential double top. I say potential because a double top is not confirmed until support is broken. There's minor support at the Fibonacci levels, hard support at the bottom of the range. Why I am so bearish on this set up is the diminishing volume between the two peaks. That diminishing volume is a precursor to many toping reversal patterns, including the double top. RSI has also turned negative indicating additional weakness. If hard support is broken at the 78% Fib level then the minimum downside target would be the distance from the peak at the top to the support level projected down after support is broken. That would be one hell of a decline. Probable? Maybe not. Possible? Definitely. Lets see if the Bulls can pull this index back up above the double top resistance line. Good Luck To All!
NASDAQ:QQQ
by Breakout_Charts
1
Indian Market: Killzone for a beautiful controlled loss.I explain what I mean by a beautiful controlled loss. Some traders don't want to hear about losses, though it's about the most important thing in trading. The position shown is a paper-trade. Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which have a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
I
by Captain_Walker
DAX: Flashing a clear warning to everybody!Some saw it, some missed it - and some don't want to see it. It's still there: The Death Cross. It is not common for a death cross to appear on daily time frames of indices. When it happens due caution is needed. No predictions here. The probability at this time is greater for the south. How far south? The markets will tell us. The markets have not spoken to me. Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which have a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
WHSELFINVEST:GERMANY40CFDShort
by Captain_Walker
Bitcoin future 72K $ !?According to my future outlook, I expect Bitcoin to break the price of $50,640 in the next two months. I think it will be in May. I think 05/17/23. If it breaks it, it will continue to rise until November and December in 2022. It will touch $72,000 for the first time, after which it will reverse downward for about two years on 11/11. 2024 or 12/2024 in order to descend to 50640 and reverse its rise, perhaps its direction will be towards 90,000 dollars, so I advise that you take advantage of this period to invest your money in Bitcoin, especially when it touches the 39,320 dollars that I have already referred to.
by Abdeelhakeemtrader