This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
The dollar index (Dxy)Who follows the value of the greenback against the large fiduciary currencies, looks south, having taken a hit in the first half. However, Bitcoin
The graph is falling to immediate lower risks.
The DXY has dropped more than 10% in the first half, its worst six -month performance since the third quarter of 1991, according to Data Source TradingView. The US President Donald Trump’s trade war and the constant calls for Fed’s rate drops would have weighed on the greenback.
The Sharp slide violated the 14 -year -old ascending trend line, pushing the MacD histogram below zero on the semi -annual price table.
The rupture of the trend line, associated with the negative MacD, suggests a strengthening of the downward momentum and points to new losses to come.
“It looks like the USD could easily drop 10% … and perhaps much more in the next 12-24 months,” said Dan Tapiero, founder and CEO of DTAP Capital, on X, calling an optimistic rear wind for Bitcoin.
BTC faces sales risks
The short -term Bitcoin techniques, in particular the action of current prices compared to the stochastic indicator, paint a dark image. The BTC dropped by 1% on Monday, moving lower from the upper end of the consolidation of counter-tempors of the Taurus flag dug in the last six weeks.
Under such conditions, traders generally use oscillators, such as stochastic, to confirm whether the rejection to the upper limit of current consolidation has prepared the ground for a renewed slide towards the lower end.
In the case of the BTC, the 14 -day stochastics confirms the same thing, repeating the model observed in the first half of June. The oscillator is about to cross below 80, marking a slowdown in the excessive region to suggest a renewed sale in the wide price range.
In other words, the BTC could review less than $ 100,000 in the short term. A firm movement above the upper end of the consolidation will invalidate the lowering signal, preparing the ground for a rally at $ 140,000.
Read more: the case of Bitcoin bull is strengthened in the form of dollar index slides, Nvidia strikes record in the middle of recession indices
