Crypto Sleeping Giants☄
Crypto Sleeping Giants☄ 3 minutes reading from Bitcoin

I Want to See a Bitcoin Breakout

Gm crypto frens

I'm keeping an eye on DXY following the Fed's latest 75bps interest rate hike

Remember DXY moves inverse to BTC so we want to see it move down

Since late september we've been in a downtrend making lower lows and lower highs

What I really want is to see it break down below that bottom trendline over the next couple weeks, a good sign of weakening

Ultimately we want a close below the previous pullback low at 107.68, this would give a solid chance of reversal on the HTF into a weekly downtrend

What I really don't want to see is a break and close above the level of our previous high at about 115.

That would be another impulse indicating trend continuation upward

Also would be especially bad here because zooming out you can see we have no resistance until 120

Right now I'm seeing more indicators of a break to the downside than upside, which is what we want for BTC to go up

A big indicator of this is bearish divergences on the weekly chart.

Notice the series of lower highs on the RSI at the same time price has made higher highs

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Stick with me, wagmi

This post is based on this twitter thread.


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