This is a daily technical analysis by Omkar Godbole, a Coindesk analyst and franchised market technician.
USD Index (DXY)It was tracking the value of green to the main fiat currency, beaten in the first half. Still, Bitcoin’s
The chart points to immediate downside risk.
According to data source transactions, DXY fell 10% in the first half of the year, its worst six-month performance since the third quarter of 1991. U.S. President Donald Trump’s trade war and calls for cuts to downgrade the Federal Reserve allegedly put pressure on green.
The sharp slideshow violated the 14-year uptrend line, pushing the MACD histogram higher by zero in the half-year price list.
The collapse of the trend line coupled with negative MACD indicates that the momentum of the trade has increased and points to further losses.
“It looks like USD can be easily reduced by 10%. … Maybe in the next 12-24 months, maybe there are still a lot,” Dan Tapiero, founder and CEO of DTAP Capital, Say on Xcalled it a bullish Bitcoin trend.
BTC faces risk of selling
Bitcoin’s short-term technology, especially the continuous price action relative to stochastic indicators, paints a bleak picture. BTC fell 1% on Monday, with the upper end of the carved bull flag counter-trend merger falling over the past six weeks.
In this case, traders often use oscillators (e.g., random) to confirm whether the rejection of the ongoing merge upper boundary lays the stage for the updated slideshow.
In the case of BTC, 14-day randomness confirmed this, repeating the pattern in the first half of June. The oscillator is on the verge of crossing below 80, marking a downturn in the overbuy area, suggesting a resell over a wide price range.
In other words, BTC can revisit $100,000 in the short term. A firm movement above the upper end of the integration will invalidate the bearish signal, pushing the stage to $140,000.
