BTC update - More upside on the monthly chart, it depends on DXY?

[digi-me]

In my previous post I where talking about Januar candle had to close bullish engulfing and so it did. We also got our breakout of blue downtrend and closed above, februar candle retested the trendline as support for now. It's easier to see on the weekly chart below. If we will mirror the 2019 breakout the highest target is 0,618 fib at 48k as 14k in 2019.

As long as we dont close below blue trendline again i'm expecting more upside. The only thing of concern is the USD index or DXY.

As we can see it's been in downtrend and crypto had its relief rally. As DXY lost uptrend and is retesting it now, if DXY rejects here im expecting the rally to continue, but if it reclaims trendline and BTC fall below its trendline we will probably come down to fill a CME gap at 20k. Bullish as long as we dont close daily candles below 200 MA at 19,5k and its climbing.

I hope you enjoyed the read and leave a comment, will we go higher or not?

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BTC update - Januar candle has to close bullish engulfing, or!?

Christopher

Kristiansand, Norway

Source: Photos are chart-screenshots by me from Tradingview.com

Legal Disclaimer : Never invest more than what you can afford to lose. I am not a financial advisor and I am sharing my opinion based on speculation. This post is for informational purposes only and provides only my personal opinion. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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