As the saying goes, if you get the dollar right, everything else will follow! This morning we have the dollar selling off again. This marks the fourth time that the price has failed to break the downward sloping trend line. The dollar has been bearish since May, so will we see the trend continue? Let’s have a look at the chart.
We can see that trend line has been an issue for the bulls, and it looks as though they may have missed their chance as the stochastic RSI is trending down now. We can’t assume that the trend has changed until it actually happens. Now what does the chart of BTC look like in relation to the dollar?
Now we have seen bitcoin continue bullish at these levels, so we have to look at the where we might hit some resistance. The 161% fib extension looks like the perfect place to watch for some overhead resistance. We have wicked up at these levels, but we have never been able to hold these. Maybe this will be the time and we will break right through the 161% and turn it into support? The other high probability option is that we fail around this level, create a higher low, then give it another run next time. This will give the stochastic RSI a chance to cool down. So either way we see it, bitcoin looks bullish at these levels!
Happy Trading!
We can see that trend line has been an issue for the bulls, and it looks as though they may have missed their chance as the stochastic RSI is trending down now. We can’t assume that the trend has changed until it actually happens. Now what does the chart of BTC look like in relation to the dollar?
Now we have seen bitcoin continue bullish at these levels, so we have to look at the where we might hit some resistance. The 161% fib extension looks like the perfect place to watch for some overhead resistance. We have wicked up at these levels, but we have never been able to hold these. Maybe this will be the time and we will break right through the 161% and turn it into support? The other high probability option is that we fail around this level, create a higher low, then give it another run next time. This will give the stochastic RSI a chance to cool down. So either way we see it, bitcoin looks bullish at these levels!
Happy Trading!
