The DXY is expected to breakout by 02-07.
The direction of momentum is yet to be decided, with both options shown on the top chart.
DXY movement may base around trend lines, colour-coded from red-green.
(Orange = Weakest, Green = Strongest)
Bitcoin is expected to react to either movement.
An Upside break for the DXY would suggest a further test on the $31,000 / $30,000 support level.
A downside break for the DXY would provide bullish momentum for BTC. A break of the resistance at ~$34,700 would bring the 0.5 & 0.618 fib levels into action.
Calls invalidated until breakout direction is confirmed.
The direction of momentum is yet to be decided, with both options shown on the top chart.
DXY movement may base around trend lines, colour-coded from red-green.
(Orange = Weakest, Green = Strongest)
Bitcoin is expected to react to either movement.
An Upside break for the DXY would suggest a further test on the $31,000 / $30,000 support level.
A downside break for the DXY would provide bullish momentum for BTC. A break of the resistance at ~$34,700 would bring the 0.5 & 0.618 fib levels into action.
Calls invalidated until breakout direction is confirmed.