BTC $2,32,000 BY AUG 2023! COMPARISON BETWEEN DXY AND BTC!!
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Welcome to this important comparison between the U.S. Dollar index and Bitcoin. If you don't know how both DXY and BTC correlated then here is a simple definition for you. DXY and BTC have a negative correlation that means if DXY goes up BTC goes down and vice versa.
Now let's get to the charts.
1) US DOLLAR INDEX(DXY):- U.S. Dollar index trading inside an ascending channel-like pattern in the monthly time frame. Currently, it is rejected from the upper trendline of the channel. If you saw previously in 2017 when it got rejected from the upper trendline a new bull run will start for BTC and the same has happened before the start of the 2020 bull run. So now I'm expecting a good drop-in us dollar index.
2) BITCOIN(BTC):- BTC is trading inside a rising wedge channel in the monthly time frame. Currently, it is trading near the lower trendline. If we compare this bull run to the previous 2017 bull run then we clearly see that before the end of the 2017 bull run BTC touched the upper trendline of the channel and pumps almost 3000% so IMO the same thing is going to happen now. BTC still did not touch the upper trendline of the channel.
So I think the BTC bull run is still not over and if history repeats then we definitely see a new high of BTC which is $2,32,000
Conclusion:- By looking at both DXY and BTC charts one thing is clear that this bull run is still not over and 69k is not the top for BTC. All we need is to hold the 28k-30k level because if BTC breaks below 28k then this chart becomes invalid and then no one knows what's the low for BTC.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thanks for reading!
Welcome to this important comparison between the U.S. Dollar index and Bitcoin. If you don't know how both DXY and BTC correlated then here is a simple definition for you. DXY and BTC have a negative correlation that means if DXY goes up BTC goes down and vice versa.
Now let's get to the charts.
1) US DOLLAR INDEX(DXY):- U.S. Dollar index trading inside an ascending channel-like pattern in the monthly time frame. Currently, it is rejected from the upper trendline of the channel. If you saw previously in 2017 when it got rejected from the upper trendline a new bull run will start for BTC and the same has happened before the start of the 2020 bull run. So now I'm expecting a good drop-in us dollar index.
2) BITCOIN(BTC):- BTC is trading inside a rising wedge channel in the monthly time frame. Currently, it is trading near the lower trendline. If we compare this bull run to the previous 2017 bull run then we clearly see that before the end of the 2017 bull run BTC touched the upper trendline of the channel and pumps almost 3000% so IMO the same thing is going to happen now. BTC still did not touch the upper trendline of the channel.
So I think the BTC bull run is still not over and if history repeats then we definitely see a new high of BTC which is $2,32,000
Conclusion:- By looking at both DXY and BTC charts one thing is clear that this bull run is still not over and 69k is not the top for BTC. All we need is to hold the 28k-30k level because if BTC breaks below 28k then this chart becomes invalid and then no one knows what's the low for BTC.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thanks for reading!
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