Sometimes we have only one asset of the three which is in high confluence, basically with many indicators which say the same thing, with more probabilities of gains.
Today is the Dollar index DXY which I shared yesterday the high confluence but I noticed that it is very relevant with the back test.
- The three times we did almost the same thing before bouncing back.
- Price bounced off the blue MA 62, Ichimuku cloud top, retracement fibo (at 38.2%/50%/61.8%) and bullish divergence on the RSI and MACD.
If the dollar resumes its bull run it is normal given that interest rates are on the rise, inflation is also on the rise, a global economic crisis after covid due to money printing, and the bear market on the S&P 500 with BTC.
https://www.tradingview.com/x/k33y7b6a/
Yesterday shared post about High confluence zone on the DXY towards a possible rebound: https://t.me/tradingwithbinance/471
- Bullish divergence on the RSI and the MACD.
- The MA 62 in blue as a support.
- The yellow trend line of the bullish channel.
- The top of the Ichimuku cloud.
- 50% fibo
https://www.tradingview.com/x/y26fpfUU/
The only bullish indicators on BTC worked before 2017, so before the arrival of futures and institutions, such as the MA 200 in Weekly, the RSI in the oversold zone never tested before either in Weekly or in Monthly, the last ATH at 20K from 2017 tested in the bear market of 2022, and other on-chain indicators such as the balance of BTC on exchanges, holders wallets...
The day when the BTC will be on its own like before 2017 I no longer believe in it, except I see that it can follow the S&P 500 and vice versa the Dollar, but we can perform worthy of its rarity at 21 million which is against the inflation, and the revolutionary technology of blockchain as an instant payment method all over the world, the last word is what BTC has done in 13 years no asset has done in the past.
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