BTC: A look at The Bear Resistance Trendline

2023년 8월 23일

The bear market resistance trendline has yet again been respected - this time as a support. The current price action doesn't look strong; therefore, the price is expected to break back below the bear market resistance trendline!

Furthermore, Keeping an eye on the fair value gap and CME gap below current price levels is prudent. These gaps tend to get filled at some point, and the way BTC looks now, the gaps are expected to be filled soon!

It is important to underscore that absolute certainty regarding market direction remains elusive. However, multiple indicators currently align to suggest a bearish market sentiment.

Notably, the current inversion of the yield curve has reached magnitudes reminiscent of the conditions observed in 1928. This historical parallel is concerning, as it casts unfavorable implications for the overall economic landscape.

With regards to DXY
In the past few weeks, the DXY index has been showing some strength, and the current bullish momentum is amplified by the price breaking above the falling channel!
It is reasonable to mention that the index is currently approaching a high resistance zone, and if that zone is broken, the index could be seen at the 108 level.
The reason why the DXY is so interesting to watch is due to the fact that Stocks and cryptocurrencies have an inverted price action to DXY. DXY can, therefore, be used as an inverted indicator to tell the possible direction of Stocks and cryptocurrencies.
Stocks and cryptocurrencies are expected to go lower if DXY keeps its bullish momentum and keeps rising.

2023년 8월 23일

노트

In previous years, the bull market support band (b.m.s. band) has been an excellent indicator of a shift in the market.
When the price gets below the band, the price tends to get into a bear phase. And when the price breaks above and holds above the band, the price tends to start a new bullish trend.
As of now, the price has closed below the b.m.s. band for the first time this year. This potentially marks the start, or some would say continuation, of the downtrend that many people had been discussing.
In my humble opinion, this confirms a more significant downtrend. The market has shown a lot of weakness for the past many months.
I'm expecting 21k at first and 15k after that. For now, one should stay away from Altcoins as they can drop another 70-80% should BTC drop a lot further.

2023년 8월 24일

노트

Expecting downward continuation...
DXY is showing some strength at current levels

2023년 8월 25일

노트

Patience is key!
Generational wealth opportunities are coming our way!

2023년 8월 27일

노트

The housing market has experienced a swift and pronounced deterioration. Current purchasing conditions have reached a point that has only been witnessed twice since 1960. The market was grappling with significant recessions on both of these previous occasions.

2023년 8월 28일

노트

There's a possibility that the price bounces to 28k And bearish continuation afterward! - Retest of the B.M.S. band and fill the CME gap at 27.8k.

2023년 8월 29일

노트

The price is filling the Gap!! As expected!