I suspect a massive short on bitcoin to take place. This is because DXY is showing a bearish breakdown on the monthly - with only a small upwards movement left before anticipated rejection from this bearish retest. This means an extended bull market - and this weekend period utilized to wipe long positions prior to this occurring.
There are two major short entry points I can decipher on the chart. The first is 69,250 - which seems to be keeping price below at the moment.
The second possibility is an initial move up to 69,900 to 71,000 and rejection from this location.
My short targets in white are quite drastic. However again, DXY is showing signs of supporting a very lengthy bull market spanning the next 1-2 years. This to me serves as a justification for these extreme lows to be hit, otherwise I would not be suggesting something so drastic.
This HTF bearish trend line supports targets as low as 8,000 - and it’s entirely possible that we don’t see a low that severe, however it is supported by a chart trend line and as such I will be taking it seriously until proven invalid.
Happy trading.
There are two major short entry points I can decipher on the chart. The first is 69,250 - which seems to be keeping price below at the moment.
The second possibility is an initial move up to 69,900 to 71,000 and rejection from this location.
My short targets in white are quite drastic. However again, DXY is showing signs of supporting a very lengthy bull market spanning the next 1-2 years. This to me serves as a justification for these extreme lows to be hit, otherwise I would not be suggesting something so drastic.
This HTF bearish trend line supports targets as low as 8,000 - and it’s entirely possible that we don’t see a low that severe, however it is supported by a chart trend line and as such I will be taking it seriously until proven invalid.
Happy trading.