Daily Market Outlook: BTC, DXY & Gold Analysis (#8)The market has been highly reactive following yesterday’s GDP and Unemployment Claims report. The DXY strengthened sharply, reaching a key resistance at 107.474. Previously, this level acted as a strong support and has now turned into a major resistance zone.
DXY Analysis
We need to consider multiple scenarios for the dollar index:
Most Likely Scenario: If DXY gets rejected from 107.474, we can look for short positions below 107.063, anticipating a continuation of the secondary downtrend in the daily timeframe.
Alternative Scenario: If DXY breaks above 107.474, it could continue strengthening toward 107.767, confirming that the correction is over and resuming the major uptrend.
Gold (XAU/USD) Analysis
Gold dropped below 2878.87, entering a price correction phase. Key support levels to watch:
2841.25 (Fib 50%)
2811
2790 (Strong demand zone)
Short Position Plan (1H Timeframe)
If gold finds support at 2855 (35% Fib), and later breaks it, a short entry could be considered.
If the drop continues, the next major short opportunity is at 2841.89 in the 4H timeframe.
Long Position Plan
A confirmed breakout above 2879.26 will indicate strength, making it a valid long entry point.
Bitcoin (BTC/USD) Analysis
BTC has been experiencing significant downside pressure, aligning with the February 26 analysis where I highlighted the potential for a price correction within its major uptrend.
As mentioned earlier, losing 80-82K support would shift the market bias to bearish, favoring short positions. If you shorted BTC from 85K, this could be a great area to secure profits.
Currently, BTC lacks a clear structure, so I’m waiting for more confirmation before taking new positions.
What’s Next for BTC?
If BTC closes below 80K, we will need to reassess the market structure and update our strategy accordingly.
If BTC holds above this level, there is still a chance for a recovery and potential upside continuation.
However, if 80K is lost, the recovery process could take much longer than expected.
Final Thoughts
Stay patient and wait for clear market structures before entering trades. If you’re already in positions, manage them carefully based on these levels.
I’m Skeptic , and I’m grateful to be on this journey with you all. Trading is tough, but growing together makes it worthwhile. Stay profitable and see you tomorrow! 🚀💡
