As you can see, BTC is still in a triangle pattern. Patterns are often flexible and don't have an absolute "breakout point". They will fake out many times.
As momentum is dissipating after a run from 4000 to 12000, it's clear that some kind of consolidation is necessary. Whether to 8800 or 6800 is hard to say at this point. In any case BTC didn't break the 10k level convincingly and is being pulled back in by the gravitational field.
DXY stands to strengthen, which often doesn't bode well for asset prices denominated in USD. The SPX also just developed a double top and bearish bat pattern, and Gold and Silver don't look too good.
Conclusion: Strength increase in USD causing all denominated assets to drop.
As momentum is dissipating after a run from 4000 to 12000, it's clear that some kind of consolidation is necessary. Whether to 8800 or 6800 is hard to say at this point. In any case BTC didn't break the 10k level convincingly and is being pulled back in by the gravitational field.
DXY stands to strengthen, which often doesn't bode well for asset prices denominated in USD. The SPX also just developed a double top and bearish bat pattern, and Gold and Silver don't look too good.
Conclusion: Strength increase in USD causing all denominated assets to drop.
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