This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Bitcoin
Bulls are optimistic that the wider sales of the US dollar will continue in the second half of the year, feeding the cryptographic race.
However, a graph guarantees caution by relying on the predictions of the bearish dollar. That is the weekly table of the dollar index, which shows the simple mobile average of 50 weeks (SMA) He is on the way to cross below the 200 -week SMA in the short term, forming the notorious cross of death.
Although the sinister sound pattern is widely considered as a long -term bearish signal, historically, it has proven to be a trap for bears, which constantly marks the funds and investments of bullish trends in the US dollar.
The table below shows that DXY has marked four death crosses of weekly graphics since 2009, and each of them marked the end of low trends (marked by vertical lines)preparing the scenario for sharp manifestations.
The last one occurred in January 2021, marking the fund around 90. The dollar caught the offer in the subsequent months, with the index finally reaching a maximum of more than 114.00 in September 2022.
Keep in mind that price patterns do not always develop as expected, which means that imminent death cross may not necessarily be bear trap; However, being aware of their past trend can help merchants manage their positions more effectively.
The dollar index, which tracks Greenback value against the main fiduciary currencies, joined 10.78% in the first half of the year, its worst performance since 1991.
