This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
Bitcoin
The bulls are optimistic that the wider sale of the US dollar will continue during the second half, supplying the Crypto Bull Run.
However, a graph guarantees caution when it is based on the predictions of the dollar bearish. It is the weekly graphic of the dollar index, which shows the 50 -week simple mobile average (SMA) is on the right track to cross the SMA of 200 weeks in the short term, forming the notorious cross of death.
Although the scheme of worrying consonance is largely considered as a long -term lower signal, historically, it turned out to be a bear trap, regularly marking funds and reort trend inversions in the US dollar.
The graph below shows that Dxy has extinguished four death crosses from weekly graphics since 2009, and each of them has marked the end of downward trends (marked by vertical lines)Prepare the ground for net rallies.
The last one occurred in January 2021, marking the bottom at around 90 years of age. The dollar caught the offer in the following months, the index finally reaching a summit of more than 114.00 in September 2022.
Note that price models do not always take place as planned, which means that the imminent death cross cannot necessarily trap the bears; However, being aware of your past trend can help traders manage their positions more effectively.
The dollar index, which follows the value of the greenback against the main fiduciary currencies, sang by 10.78% in the first half, its worst performance since 1991.
