The bearish scenario has pushed through with the BTC price and hit my target zone around the 48400 zone. Unfortunately, it went down further as I was not able to take into account the BTC/DXY correlation. As the DXY strengthens, the BTC weakens.
The DXY has hit expert's price target of 91.60 and showing signs of bullishness. Unless the DXY can slow down and retest lower levels, BTC can just keep going down until it reaches anywhere from the 43000 to the 46100 regions.
BTC may retest the longer term support line at around 44800 and my worst case scenario is that it can reach back down to the resistance line of the falling wedge at around 43400 area. It is currently still holding onto my purple key zone. Hopefully it will just consolidate in this zone before going back up.
If it does consolidate here then go upwards, my bullish short term target would be around the 48000 region once again.
I am open for feedback, suggestions and advice. Thanks!
The DXY has hit expert's price target of 91.60 and showing signs of bullishness. Unless the DXY can slow down and retest lower levels, BTC can just keep going down until it reaches anywhere from the 43000 to the 46100 regions.
BTC may retest the longer term support line at around 44800 and my worst case scenario is that it can reach back down to the resistance line of the falling wedge at around 43400 area. It is currently still holding onto my purple key zone. Hopefully it will just consolidate in this zone before going back up.
If it does consolidate here then go upwards, my bullish short term target would be around the 48000 region once again.
I am open for feedback, suggestions and advice. Thanks!