Take a step back and look at the big picture

25 thg 7, 2022

Bitcoin just confirmed the 200 Weekly MA as resistance. This doesn’t confirm that Bitcoin is going lower but it is a strong indicator. Combine this with the Bitcoin dominance chart on the longer timeframes, it’s looking more and more likely that the pain isn’t over. In the short timeframes it’s easy to be convinced that Bitcoin dominance is still range bound and may break upward very similarly to the last bear market. The formation is smaller but looks to be an inverted head and shoulders pattern. Also not promising is the DXY making higher highs and just confirmed a new support. Draw your own conclusions but this looks bearish to me in the short and midterm.