BTC vs USD: Bitcoin Bearish, USD Bullish - Aug. 22

Bitcoin has racked up sufficient evidence that may be putting itself in a downtrend for the time being. We are almost confident for the USD to bounce, while Bitcoin does a temporary correction towards lower levels, possibly hitting 9.7K if the USD decides to continue going up.

Technicals:

1. Clear BULLISH divergence on the USD Index (DXY).
2. Clear BEARISH divergence on the Bitcoin chart.
3. RSI is now both in neutral territory, suggesting a flush for Bitcoin to neutralize in price action.

We believe that with current sentiment, especially with the crypto fear and greed index being at an 'Extreme Greed', we believe that Bitcoin will most likely correct to lower levels.

Trade Safe.

X Force