BTC thoughts.
Updated
Bitcoin is currently ranging. Prices reaction point is around 37,000. When price touches 37,000 area it either buys or sells into the top or bottom of the current range. BTCs price looks to have a current time cycle. Sun-Tue looks to be common buy days within price looking at a 4HR chart. Thu- Sat are the sell days within prices current cycle. An example of this can be observed on the 4HR chart on June 13, 2021 ( Sunday) price bought up into the top of the range at 40,000, consolidated through Tuesday the 15th, and began to sell Wed- Sat, (today) where price has found support around 36000 at the middle of the current range. Go back further in price action dates for more confirmation. That being said tomorrow is Sunday. DXY just went brazy, commodities have began to fall and btc and gold move opposite. FIND THE TRADE KING.
Examine correlations between BTC and Gold for more understanding.
Examine DXY's correlation with Bitcoin and its correlation switch that took place further back into the chart that may be found on the 1W or 1M chart.
Examine correlations between BTC and Gold for more understanding.
Examine DXY's correlation with Bitcoin and its correlation switch that took place further back into the chart that may be found on the 1W or 1M chart.
Note
It's possible that BTC is showing its hand with its most recent move back down to 32000 price area with 3 sell candlesticks back to back. While BTC has been ranging Gold has been doing the same and trading pretty much flat all week. This morning gold made a push back towards the top of its range around 1792, but immediately rejected and returned to 1777. BTC rejected off of the 1HR base and fell through the bottom of the range for a third time getting closer to the 31000 area. Since price was previously able to move back above the 4HR demand its possible that it will retest this same block before making its next move. 3 breaks of the 4HR demand, for me is a sign for BTC to possibly retest lower levels around 26500 which is also the .618 support on the fib. Is money going to be shifting towards commodities these coming weeks if crypto continues to fall?Examine correlations between BTC and Gold for more understanding.
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