Bitcoin remains indecisive with the long-term uptrend possibly slightly swaying us in favour of the bullish scenario.
The only way we can tell who has taken over, the bulls or the bears, is if we close above or below the marked prices.
A daily close above 54k would instigate the bulls taking over
A daily close below 37.7k would instigate the bears taking over
Something to also bear in mind is the DXY (Dollar Currency Index)
DXY
, this has a huge impact on the crypto market, when it pumps the crypto market generally dumps and visa versa.
The DXY is approaching a critical moment currently sitting around 99.9 after a move to the upside, a close above 100.452 would mean an almost certain dump off for crypto. While a move back down to 96.59 would mean some rest bite and allow the crypto market to recover somewhat.
If we were to close below the support at 96.59 on the DXY we could begin to plan our crypto bull market return.
As always let me know your thoughts and leave a like :)
The only way we can tell who has taken over, the bulls or the bears, is if we close above or below the marked prices.
A daily close above 54k would instigate the bulls taking over
A daily close below 37.7k would instigate the bears taking over
Something to also bear in mind is the DXY (Dollar Currency Index)
DXY
, this has a huge impact on the crypto market, when it pumps the crypto market generally dumps and visa versa. The DXY is approaching a critical moment currently sitting around 99.9 after a move to the upside, a close above 100.452 would mean an almost certain dump off for crypto. While a move back down to 96.59 would mean some rest bite and allow the crypto market to recover somewhat.
If we were to close below the support at 96.59 on the DXY we could begin to plan our crypto bull market return.
As always let me know your thoughts and leave a like :)
