Potential Entry Targets for Bitcoin
Hola all.
A few things to keep in mind heading into next week:
1. DXY closed last week BULLISH -while a bullish move out of the DXY will likely be a bearish confirmation, the extent of this bearish re test has the potential to bring the DXY well above 94% on the index.. a 3% positive move in the DXY will result in a LARGE correction out of bitcoin (attached idea).
2. Stimulus passed -this should be a good sign for the markets, crypto included. However -at some point, the large players ARE going to take profit
- It would be rational to assume that more and more public (and private) companies will begin to convert their cash holdings to bitcoin, considering the extent of the bearish outlook for the DXY.
- This may also provide the necessary fuel for a shortened BTC correction, depending on a number of factors.
3. If the trend continues, we should expect a 370K + bitcoin near the end of 2021.
- While a quick drop down below 30K does appear to be likely -the above variables must be taken into consideration, giving more significance to re entry targets closer to 40K.
- Will need to wait for more structure to develop as these indicators cool off and divergences play out.
Setting buy orders at the levels you see in the chart.
A few things to keep in mind heading into next week:
1. DXY closed last week BULLISH -while a bullish move out of the DXY will likely be a bearish confirmation, the extent of this bearish re test has the potential to bring the DXY well above 94% on the index.. a 3% positive move in the DXY will result in a LARGE correction out of bitcoin (attached idea).
2. Stimulus passed -this should be a good sign for the markets, crypto included. However -at some point, the large players ARE going to take profit
- It would be rational to assume that more and more public (and private) companies will begin to convert their cash holdings to bitcoin, considering the extent of the bearish outlook for the DXY.
- This may also provide the necessary fuel for a shortened BTC correction, depending on a number of factors.
3. If the trend continues, we should expect a 370K + bitcoin near the end of 2021.
- While a quick drop down below 30K does appear to be likely -the above variables must be taken into consideration, giving more significance to re entry targets closer to 40K.
- Will need to wait for more structure to develop as these indicators cool off and divergences play out.
Setting buy orders at the levels you see in the chart.
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