We know the correlation between BTC and DXY so I figured I would post a weekly chart of the two.
As we know anything above the 50rsi the bulls are in control and anything under the bears are in control and the 50rsi will be retested throughout each cycle etc
On the btc chart I highlighted the rsi and price action of BTC to reflect that during the bull run the rsi stayed above 50 but was retested throughout that run until it failed and the bear market started and you can see there was bearish retests of the 50rsi as well.
BTC is way overbought on the weekly RSI so we can expect a pullback of some kind and possibly a bullish retest of 50 rsi for BTC to continue its bull run, also it looks like DXY is is going for a bearish retest of the 50rsi.
Is that a possible bullish Div on DXY as well?
I am new to trading so these are just some things that I have noticed so please chime in with anything you would like to add or correct me on, thanks for stopping by! :)
As we know anything above the 50rsi the bulls are in control and anything under the bears are in control and the 50rsi will be retested throughout each cycle etc
On the btc chart I highlighted the rsi and price action of BTC to reflect that during the bull run the rsi stayed above 50 but was retested throughout that run until it failed and the bear market started and you can see there was bearish retests of the 50rsi as well.
BTC is way overbought on the weekly RSI so we can expect a pullback of some kind and possibly a bullish retest of 50 rsi for BTC to continue its bull run, also it looks like DXY is is going for a bearish retest of the 50rsi.
Is that a possible bullish Div on DXY as well?
I am new to trading so these are just some things that I have noticed so please chime in with anything you would like to add or correct me on, thanks for stopping by! :)