BTC is in price discovery, with little to speculate on besides small ranges.
Meanwhile DXY has been an extremely reliable indicator for BTC, inverse correlating with BTC whenever it has large legs up or down.
In other words, BTC likes to react off moves of the US dollar. Makes sense, given the "digital gold" narrative around BTC.
DXY sits on important support with a measure move pointing her into a large gap down.
With that in mind let's look at two scenarios...
1) Bullish for BTC. If DXY goes down below the local support at about 88.6 and into the gap, we can expect a truly astounding impulse wave up from BTC, as she continues to discover new highs in unknown skies.
2) Bearish for BTC. If DXY bounces off the local support from 88.6, we can expect BTC to suffer a correction, probably into the mid to upper 20,000's
There is no sense in taking ballsy trades until we see the signal from the DXY.
Not when the DXY is sitting on such historic support levels.
We can let DXY front run our decision here, and trade confidently when it does.
Like & Follow if you enjoy my ideas
Meanwhile DXY has been an extremely reliable indicator for BTC, inverse correlating with BTC whenever it has large legs up or down.
In other words, BTC likes to react off moves of the US dollar. Makes sense, given the "digital gold" narrative around BTC.
DXY sits on important support with a measure move pointing her into a large gap down.
With that in mind let's look at two scenarios...
1) Bullish for BTC. If DXY goes down below the local support at about 88.6 and into the gap, we can expect a truly astounding impulse wave up from BTC, as she continues to discover new highs in unknown skies.
2) Bearish for BTC. If DXY bounces off the local support from 88.6, we can expect BTC to suffer a correction, probably into the mid to upper 20,000's
There is no sense in taking ballsy trades until we see the signal from the DXY.
Not when the DXY is sitting on such historic support levels.
We can let DXY front run our decision here, and trade confidently when it does.
Like & Follow if you enjoy my ideas
