๐๐ BTC's New Range High at $47,000? What Next?
PROOF the Move is Genuine and NOT a Mere Fake-Out!
Overview
Chart #1 - U.S. Dollar (DXY) Daily
Chart #2 - Bitcoin (BTCUSD) Weekly
Chart #3 - Bitcoin BBWP (BTCUSD) Weeklyย
Chart #4 - Cardano (ADAUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - U.S. Dollar (DXY) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
From mid-July, the DXY has made a massive move to the upside, as the US Dollar gained strength, sucking liquidity out of risk-on assets.
Over the last four weeks, the DXY has been consolidating in a range between 105.50 โ 107.00, and it appears to be building a bullish pattern to continue to the upside. If the 107.00 level of resistance is broken, then the next resistance is all the way up at 109.50, with any further upside in the DXY potentially being negative for risk-on assets.
If the 105.50 โ 106.00 level of support is broken, then the next support is at 105.00.
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Chart #2 - Bitcoin (BTCUSD) Weekly
Chartist: Kyle
(For the chart screenshot, click here.)
Strong weekly close, entering what seems to be a new trading range between $30,800 and $47,000!
I anticipate that prices will fluctuate within these boundaries for the rest of the year. Both the 21 EMA and the 200 MA are trending upward in a promising bullish manner.
Pullbacks to these support levels should present robust buying opportunities.
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Chart #3 - Bitcoin BBWP (BTCUSD) Weeklyย
Chartist: Kyle
(For the chart screenshot, click here.)
The Bollinger Band Width Percent (BBWP), displayed on the bottom chart with the white moving average (as pointed out by the arrow), is on an upward trend and has surpassed the 10th percentile horizontal line.
This means that the movement is genuine and not a mere fake-out.
The bands rising above the red line signify an increase in volatility. Should prices retract, this signal might revert.
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Chart #4 - Cardano (ADAUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last two weeks, ADA has rallied from $0.24 to $0.30, recording a 25% gain.
Price is currently trading in the $0.29 - $0.30 resistance area, with the daily 200 Moving Average (MA) overhead serving as additional resistance. If ADA can surpass the daily 200 MA, the next resistance lies between $0.33 and $0.35.
However, if the price faces rejection here, it might retest the support levels of $0.27 - $0.28, where the previous daily resistance line is found.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 68 today, indicating Greed.
The highest the index has been over the past seven days is 72, and the lowest is 65.
Banterโs Take
Bitcoin remains the market leader with its dominance steadily climbing. As long as this trend persists, it's likely that most altcoins will follow suit. Thus, it might be an opportune moment to scout for promising setups in the altcoin arena.
Stay safe my friends!
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