Bitcoin (BTC) is facing technical resistance. It faces opposition on Bitcoin (BTC) charts near 9500 and charts of total crypto market cap.
The other thing that may hold Bitcoin (BTC) is that the U.S. Dollar is rallying vs. other fiat currencies. This analysis is our first attempt on Trading View of Looking at another market to get clues on crypto.
Right now, it looks like the Dollar Index - a measure of how the Dollar is doing vs. other fiat currencies - has made a technical double bottom. Any up move created by the double bottom could mean that the Dollar could unwind the recent decline created by expectations of a softer U.S. economy. Bitcoin (BTC), to us, is like any other currency. It can either get stronger or weaker vs. the Dollar.
Bottom Line: If Bitcoin (BTC) can survive a rise in the Dollar in the FX markets and remain in its range, that would be an excellent sign. Generally speaking, we think it pays off to occasionally look at legacy markets for clues on crypto.
The other thing that may hold Bitcoin (BTC) is that the U.S. Dollar is rallying vs. other fiat currencies. This analysis is our first attempt on Trading View of Looking at another market to get clues on crypto.
Right now, it looks like the Dollar Index - a measure of how the Dollar is doing vs. other fiat currencies - has made a technical double bottom. Any up move created by the double bottom could mean that the Dollar could unwind the recent decline created by expectations of a softer U.S. economy. Bitcoin (BTC), to us, is like any other currency. It can either get stronger or weaker vs. the Dollar.
Bottom Line: If Bitcoin (BTC) can survive a rise in the Dollar in the FX markets and remain in its range, that would be an excellent sign. Generally speaking, we think it pays off to occasionally look at legacy markets for clues on crypto.
