BTCUSD and DXY: Tales of two Megaphones.
BTCUSD has managed to stay neutral on the 1D technical outlook (RSI = 53.222, MACD = 356.700, ADX = 24.282) despite the recent geopolitical turmoil, showing considerably buying strength after rebounding near the 1W MA50 at the bottom of the Megaphone.
The same Megaphone can be seen on the DXY and last week the price formed a top and got rejected on the HH trendline. It is widely known that the USD is negatively correlated (moves opposite) to risky (and not only) assets, including Bitcoin. This correlation and especially the upcoming MA50-100 Bearish Cross for DXY and Bullish Cross for Bitcoin on the 1W timeframe, should send the latter even higher, considering that it is closer to the 1W MA100 and is the last Resistance standing from the bear market.
It is obvious that (at the moment at least), Bitcoin is proportionally more bullish than DXY is bearish, but of course this can change depending on outside fundamental dynamics. Even the 1W MACD shares opposite but symmetric trends. A 34,000 target based on this doesn't seem far fetched for Bitcoin.
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The same Megaphone can be seen on the DXY and last week the price formed a top and got rejected on the HH trendline. It is widely known that the USD is negatively correlated (moves opposite) to risky (and not only) assets, including Bitcoin. This correlation and especially the upcoming MA50-100 Bearish Cross for DXY and Bullish Cross for Bitcoin on the 1W timeframe, should send the latter even higher, considering that it is closer to the 1W MA100 and is the last Resistance standing from the bear market.
It is obvious that (at the moment at least), Bitcoin is proportionally more bullish than DXY is bearish, but of course this can change depending on outside fundamental dynamics. Even the 1W MACD shares opposite but symmetric trends. A 34,000 target based on this doesn't seem far fetched for Bitcoin.
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## Comments and likes are greatly appreciated. ##
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