BTCUSDT to pump after re-testing 20W SMA
Triple point of confluence:
- BTCUSDT is near the bottom of an ascending channel established since end Jul
The projected point where BTCUSDT will hit the bottom of this ascending channel coincides with the 20W SMA
And with the trend line extending from the mid-cycle peaks in Apr-May
Comment:
* Technically and fundamentally, not much has changed since my last update.
* Microstrategy's purchase is just part of their DCA approach.
* BTCUSDT is still in the ascending parallel channel.
* BTCUSDT's price action is largely following DXY's (which is also in its own parallel channel).
* DXY might be the primary chart to monitor this and next week.
* Microstrategy's purchase is just part of their DCA approach.
* BTCUSDT is still in the ascending parallel channel.
* BTCUSDT's price action is largely following DXY's (which is also in its own parallel channel).
* DXY might be the primary chart to monitor this and next week.
* What's more, BTCUSDT has bounced off the 20D SMA. This bodes well for BTCUSDT.
* Can BTCUSDT break out of the parallel channel and enter price discovery?
* The next two weeks will provide us more details.