First of all, let's review last week's $BTC trend. Last week's weekly line once again showed a red candle. We can see that the $BTC weekly has been showing red candles for 8 weeks in a row. The probability is that there will be a rally in week 9.
A little bit of knowledge here. TD 9 and TD 13 TD 9 means that after 8 consecutive red candles, the 9th candle is likely to be green. TD 13 means that after 12 consecutive red candles, the 13th candle is likely to be green. The greater the fall in the front, the greater the rise in the back. This pattern works on both long and short cycles. (5min-1week)
Currently $BTC is still in the $28500-$30700 oscillator range and is currently oscillating at the top of the range. If the US stock market opens better today and $BTC breaks $30700, you can be short term bearish. But the long term cycle remains in a downtrend. The overall economic environment is currently poor. Rate hikes and tapering have a greater impact. But this does not solve the underlying inflation problem. It is uncertain whether financial markets will collapse and usher in a financial crisis. But for now, it seems we need to respect the market and be wary of the risk of a continued decline.
DXY has weakened after reaching a 20 year all time high. the pattern of DXY and other assets is similar to a seesaw. the DXY goes down and the other side goes up. The DXY has now reached its first support level after a week of retracement and if it continues to fall, the crypto market will have a better period. If it starts to rally, then we will see $BTC below $27,000.
I will be providing analysis of $BTC's movements for the coming week on Mondays. To get the daily analysis, you can join my Telegraph group or Nowhere Discord.
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