ππ Major DXY BREAKDOWN Below THIS Level!
PLUS: Bitcoin continues to create higher highs and higher lows!
Overview
Chart #1 - Solana (SOLUSDT) Daily
Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chart #3 - U.S. Dollar (DXY) 4-Hour
Chart #4 - Crypto Total Market Cap (TOTAL) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Solana (SOLUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Yesterday, SOL descended to support at $22.00, which appears to be holding for now.
The $23 mark served as support for several days before the drop, and should SOL ascend in the coming days, I anticipate the $23 level will now present resistance.
Should there be further decline and a breach below $22.00, the subsequent support levels are at $21.00 and the range's lower bound of $20.00.
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Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin continues to create higher highs and higher lows.
It's worth noting that many traders likely have their stops placed below those higher lows, indicating that's where liquidity resides.
The price may be forming its next higher low currently, so bulls might attempt another push towards the $29,000 mark. If $29,000 is reached, my next expectation would be for those stops (liquidity) to be targeted next.
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Chart #3 - U.S. Dollar (DXY) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
We've analyzed the DXY weekly chart and noted that it was on a weekly 9 count, indicating trend exhaustion. With the pullback underway, you can delve deeper to pinpoint where the complete breakdown is confirmed.
The pink horizontal box marks the spot for confirming a major breakdown in full force. That would mean closing candles below 105.7.
This likely propels Bitcoin's next upward move.
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Chart #4 - Crypto Total Market Cap (TOTAL) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
The market has rebounded from the $1.04T level and is now hovering around $1.055T, edging closer to the $1.06T - $1.065T resistance area. This is the same region that acted as support over the past ten days before yesterday's decline.
If we breach the $1.06T mark, the next resistance zone is between $1.1T - $1.13T, an area previously tested at the start of October.
But, if the $1.04T support is compromised, the subsequent support range lies between $980B - $1.02T.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 50, and the lowest is 48.
Banterβs Take
Despite concerns related to the ongoing conflict, Bitcoin appears resilient, while altcoins struggle against their Bitcoin counterparts. Bitcoin remains the most favorable option.
Stay safe my friends!
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