Hi Traders,
An update to BTC. We're currently seeing a bearish formation taking place as depicted on the chart. Its been formed on the hourly so not its not exactly very strong. If we do see fall we will look a the price action within the grey zone for a push back higher. As the last move up has been weak with lowering volume we will need to keep in mind that it could fall further down towards $41k. However, as time goes along this level becomes less likely. We have seen a nice bounce off the 200MA which is good reference point to consider as the rebound level.
All markets have seen gains in the last couple of days with the dollar pushing much higher. So we should expect things to go back to normal and see an inverse relationship between the DXY and Crypto again.
Thanks
The Market Sniper Team
An update to BTC. We're currently seeing a bearish formation taking place as depicted on the chart. Its been formed on the hourly so not its not exactly very strong. If we do see fall we will look a the price action within the grey zone for a push back higher. As the last move up has been weak with lowering volume we will need to keep in mind that it could fall further down towards $41k. However, as time goes along this level becomes less likely. We have seen a nice bounce off the 200MA which is good reference point to consider as the rebound level.
All markets have seen gains in the last couple of days with the dollar pushing much higher. So we should expect things to go back to normal and see an inverse relationship between the DXY and Crypto again.
Thanks
The Market Sniper Team
