The dollar Index DXY is under dynamic resistance in Weekly around 38.2% fibo, but crypto investors are seeling and anticipating the break out of the DXY by the top of the 50 MM and the Ichimuku cloud.
At worst, if we start again in a downward trend Weekly on BTC I think it will not be in a straight line, given the shorts to be liquidated, so from time to time we will have rebounds, or possibly we will remain in an end range downtrend with hunts for shorts and longs for months before the big whales return to the market.
https://www.tradingview.com/x/DdRH4PZw/
After breaking out from the top of the long-term trend line on the S&P 500 and the 50 MA, the price came back to retest the trend line 3 times as support.
The 61.8% fib at 3943 with the dynamic key area of support between 3900 to 3920 is holding now!
The MACD and RSI showing signals of weakness from the buyers after bearish divergence and the break below the level 50 of RSI.
This analysis makes me ask questions???
https://www.tradingview.com/x/vsWQLbcN/
Will the shorts make a profit?
Yes, but before we will have a cleaning of the shorts with leverages beyond 10X!
Will the Longs keep opening positions to catch the falling knife?
Yes, but I don't think it will be with high leverage, given the liquidation map.
Are we in a clearing zone for futures traders (Longs and Shorts) in a consolidation range?
I think so, based on the market cycle map.
I can conclude that we are just after the Anger cycle so as a bottom at 15.5K and a top at 25K, so in my opinion before arriving at the depression cycle we will make a low point lower than the last one at 15.5K!
The Kingfisher liquidation map Multi Exchange.
Fundamental analysis with the major reasons behind the big drop from 25K:
- Silvergate liquidating its assets.
https://www.coindesk.com/policy/2023/03/08/crypto-bank-silvergate-announces-voluntary-liquidation/
- Interest rates that will continue to rise again and again.
https://www.cnbc.com/2023/03/09/powell-changed-everything-this-week-on-markets-view-of-interest-rates.html
- 30% electricity tax on BTC mining in US.
https://cointelegraph.com/news/biden-budget-proposes-30-tax-on-crypto-mining-electricity-usage
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