DXY Breakout of Cup & Handle Formation Target $120 + BTC Dump
While the DXY is over extended, it's also very possible to continue higher to re-test the 120 levels which would coincide with another major leg down on BTC.
If the DXY pulls back here, we could see a short term Bitcoin rally (Bull Trap) along with the altcoins, and then another DXY pump and BTC drop.
But I think we could certainly see another rapid leg down with BTC here, triggering another round of stop losses and liquidations, fueling a retail capitulation.
My downward targets are $16,700 at the 300 weekly MA for Bitcoin.
Next major support is $12,500 at the 400 week SMA.
There is also an unfilled CME gap at around $9750 which would make sense as the Market Makers would likely push price down to break 10k and induce panic selling and the last retail capitulation move before putting in a final bottom.
This will likely play out over the coming months into the Fall before finally putting a bottom in Nov / December 2022.
- #BTC has around ~650 days until its next Halving in April 2024
- Historically,
BTC has bottomed ~517-547 days prior to its Halvings
- If history repeats, BTC needs to "waste" 100-150 days before bottoming.
- So we should see bottom in NOV/DEC 2022
- And ATH OCT/NOV 2025
We shall see !
** Ignore the other indicators down below the chart for now. TV won't let me hide them w/out deleting.
If the DXY pulls back here, we could see a short term Bitcoin rally (Bull Trap) along with the altcoins, and then another DXY pump and BTC drop.
But I think we could certainly see another rapid leg down with BTC here, triggering another round of stop losses and liquidations, fueling a retail capitulation.
My downward targets are $16,700 at the 300 weekly MA for Bitcoin.
Next major support is $12,500 at the 400 week SMA.
There is also an unfilled CME gap at around $9750 which would make sense as the Market Makers would likely push price down to break 10k and induce panic selling and the last retail capitulation move before putting in a final bottom.
This will likely play out over the coming months into the Fall before finally putting a bottom in Nov / December 2022.
- #BTC has around ~650 days until its next Halving in April 2024
- Historically,
BTC has bottomed ~517-547 days prior to its Halvings- If history repeats, BTC needs to "waste" 100-150 days before bottoming.
- So we should see bottom in NOV/DEC 2022
- And ATH OCT/NOV 2025
We shall see !
** Ignore the other indicators down below the chart for now. TV won't let me hide them w/out deleting.
25-year investor & trader, bought 1st BTC at $20
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.