ππ Bitcoin pattern indicates trend reversal! DXY bouncing?
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Chart #1 - Ethereum (ETHUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
With its indicators overbought on the 4HR, 8HR, and 12HR charts, it looks like ETH is coming down to retest support at $1,800 - $1,850.
A retest of that support could result in buyers entering the market and pushing ETH up past $1,950 - $2,000, a resistance zone that it failed to cross yesterday.
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Chart #2 - DXY 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The DXY may have set its higher low, as it's coming off of a key level of support.Β
It's worth watching how this plays out since a proper bounce in the dollar will likely lead to downside pressure for risk-on assets, like crypto and stocks.
If, however, the dollar starts to lose the 100 level to the downside, then bitcoin will likely push through its current resistance and into the $32,000 region.
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Chart #3 - Bitcoin (BTCUSD) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin has failed to reclaim the key level above.
As you can see, the price has been capped at the gray box area, as it continues to get rejected from there. Specifically, the zone is between $28,500 - $29,200.Β
There is no doubt that that region now contains a lot of liquidity, and liquidity tends to get tested. But it looks like bitcoin may start pulling back first, which could make additional room for a high momentum sprint that results in a push upwards and a breach of the $29,000 level (resistance).
For now, lower support levels are $27,200 and $25,500.
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Chart #4 - Cardano (ADAUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Yesterday ADA got rejected at $0.40 (resistance) and has started to retrace. It will possibly now test its next support at $0.37 - $0.38.
With its indicators on the 4HR, 8HR, and 12HR charts oversold though, we may see a bounce at that support.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 63 today, indicating Greed.
The highest the index has been over the past seven days is 63, and the lowest is 61.
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Overall Market Sentiment (Banterβs Take)
Bitcoin is consolidating into an incredibly tight range. The weekly chart has created a rare tri-star doji pattern, which shows extreme indecision and could possibly even lead to a change in market direction.Β
Once we see expansion from the tight range we will have a better idea as to which way to trade. Currently, the odds are stacked almost equally between bulls and bears with regard to which way the price breaks next.
Stay safe my friends!
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