BTC and the S&P 500 are positively correlated and normally both are negatively correlated with the dollar index DXY.
- The dollar index DXY is in full bull run and strong uptrend.
- DXY rises with high volumes, but BTC with the S&P 500 rises with low volumes which are in divergence with the price in an uptrend.
- DXY has just been rejected from the key support level at 105 in confluence with the fib at 50%, the MA 62 as support, and a bullish divergence on the RSI.
I want to believe that we have reached a bottom on the BTC at 17.6K, except that it is too early to tell that, we need more confirmations in Weekly for a break of structure and the return of sellers on the Dollar.
Have a nice week end.
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