DXY and other dollar indices have pumped rather well over the last week or so and there is a lot of talk about how that will affect the other fiats and the fiat alternatives like silver, gold and crypto.
So far BTC hasn't really done anything untoward. Weeks ago it had a major dump and crawled its way back into the daily Bollinger Band and Keltner Channel. It then went to the top of the BB and KC and after a big move like that we could expect a lot of technical resistance. The key thing to watch will be the the supports of the BB and KC to kick in. This means we could see some more downside as the low of the BB is at 33.4k and the low of the KC is at 35k. And it would be very normal to see some wicking here. If you are looking for a bounce you don't want to see candle bodies out of the Keltner and you don't want to see too much price action below the provisional support of the triangle..
The three day chart shows that price action has regained the KC and is testing the support. If it holds in a couple of period price could be at 43k and a few more periods after that at $50k=ish
I have some serious reservations as to the long term bullishness of bitcoin but after this slam down the area of least resistance is to the upside. I know lots of people are watching for a head and shoulders but I just don't see it happening at this time. If I had to put a percent chance on a head and shoulders it would be around the 20% chance.
So far BTC hasn't really done anything untoward. Weeks ago it had a major dump and crawled its way back into the daily Bollinger Band and Keltner Channel. It then went to the top of the BB and KC and after a big move like that we could expect a lot of technical resistance. The key thing to watch will be the the supports of the BB and KC to kick in. This means we could see some more downside as the low of the BB is at 33.4k and the low of the KC is at 35k. And it would be very normal to see some wicking here. If you are looking for a bounce you don't want to see candle bodies out of the Keltner and you don't want to see too much price action below the provisional support of the triangle..
The three day chart shows that price action has regained the KC and is testing the support. If it holds in a couple of period price could be at 43k and a few more periods after that at $50k=ish
I have some serious reservations as to the long term bullishness of bitcoin but after this slam down the area of least resistance is to the upside. I know lots of people are watching for a head and shoulders but I just don't see it happening at this time. If I had to put a percent chance on a head and shoulders it would be around the 20% chance.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
