BitcoinLong
BTC - At Key Level versus US Dollar Index
Comparing two charts:
1. DXY bearish bias at a critical resistance-flipped-support that signaled year+ downside when lost 7x in the past.
2. BTC bullish bias at 2021 key support-flipped-resistance for the past month.
While I think this shows a clear direction for both, I don't personally expect new highs for Bitcoin in 2023. I think the trend either 1.) exhausts here & consolidates over 20k, or 2.) DXY loses 101, BTC logs another wave up before retracement and consolidation over 30k. My personal bias says #2, with the possibility of the Fed pausing rate hikes mid-year, giving risk assets a little room to grow.
Also worth noting:
BTC momentum looks tired on the weekly (TSI/RSI), with lower highs recently. It needs a catalyst to recover - ie. we want DXY to validate bearish sentiment and breakdown below 101.
1. DXY bearish bias at a critical resistance-flipped-support that signaled year+ downside when lost 7x in the past.
2. BTC bullish bias at 2021 key support-flipped-resistance for the past month.
While I think this shows a clear direction for both, I don't personally expect new highs for Bitcoin in 2023. I think the trend either 1.) exhausts here & consolidates over 20k, or 2.) DXY loses 101, BTC logs another wave up before retracement and consolidation over 30k. My personal bias says #2, with the possibility of the Fed pausing rate hikes mid-year, giving risk assets a little room to grow.
Also worth noting:
BTC momentum looks tired on the weekly (TSI/RSI), with lower highs recently. It needs a catalyst to recover - ie. we want DXY to validate bearish sentiment and breakdown below 101.
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