This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
The dollar index (DXY)which tracks the value of the Greenback against the main fiduciary currencies, it seems south, after having been beating in the first half. Even so, Bitcoin’s
The table points to immediate risks down.
The DXY fell more than 10% in the first half, its worst yield of six months since the third quarter of 1991, according to Data Source TrainingView. The commercial war of the president of the United States, Donald Trump, and the constants called to the fed cuts of the Fed allegedly weighed in the Greenback.
The acute landslide has violated the 14 -year ascending line of ascending trend, pushing the MACD histogram below zero in the semiannual price table.
The breakdown of the trend line, together with the negative MACD, suggests a strengthening of the bearish impulse and indicates more losses ahead.
“It seems that Usd could drop another 10% easily … and maybe much more in the next 12-24 months,” said Dan Tapiero, founder and CEO of DTAP Capital, in X, calling him a horny tail wind for Bitcoin.
BTC faces risks for sale
Bitcoin’s short -term technicians, particularly continuous price action in relation to the stochastic indicator, paint a gloomy image. BTC fell 1% on Monday, going down from the upper end of the bull flag contradicts the consolidation carved in the last six weeks.
Under such conditions, merchants generally use oscillators, such as stochastic, to confirm whether rejection in the upper limit of the consolidation in progress has prepared the stage for a sliding renewed to the lower end.
In the case of BTC, the 14 -day stochastic confirms the same, repeating the pattern seen in the first half of June. The oscillator is about to cross below 80, marking a recession of the overcompra region to suggest a sales sale renewed within the wide price range.
In other words, BTC could visit less than $ 100,000 in the short term again. A firm movement above the upper end of consolidation will invalidate the bearish signal, preparing the stage for a rally at $ 140,000.
Read more: Bitcoin’s bull case is strengthened as slides of the dollar index, Nvidia reaches a high record in the middle of recession signals
