Dollar Currency Index shows strength and Bitcoin suffer a bounce back

By akohad Oct8,2022


What Market Phase are we entering into has been the introductory question for our last appointments.

Are we going to listen to the Bulls or the Bears?

Are we going to see a Bull Market or a Bear Market?

Welcome to Surfing the Market, we are already at our 23th appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.

Weekly Chart — Source: Tradingview

Price has tested one more time the price area of the Green Line that is still acting as a support.
I think this speech from the last week’s analysis to still be valid, seeing also threats of nuclear attacks and worse.

As said before, in my personal opinion Bitcoin price can only drop towards 15000$ if major bad news come up, like a huge electricity crisis, a mobile network crisis or a gas limitation from Russia.

Screenshot on a D-TimeFrame of the Dollar Currency Index

Dollar Strength Index has greatly recovered a couple of previous candles and we can still see a strong anti-correlation between Dollar Currency Index and Bitcoin.

Do you know why my target for trading is gaining portions of BTC to be higher than exactly 0.003 BTC? Give your answer here in the comments.

What do I expect from a daily perspective?

Daily Chart — Source:Tradingview

Bitcoin price keeps knocking onto the Green level but the Dollar Index does not allow it to breathe.
At the moment, I am still conservatively Bullish.

Daily Chart — Source: Tradingview

Like I was writing one week ago, the 50MA has acted as a resistance, making the price to bounce back, together with the action of the Dollar Currency Index.

Price has tried to approach the Cloud, but it has been rejected from the two aspects I previously mentioned and it did not make reaching the Cloud.

Daily Chart — Source: Tradingview

What to observe particularly?

We are still in an unstable range, so I would wait taking further positions! But if signals will remain stable, I will be slightly bullish (again). What I am doing are short-term positions to be carried some hours at the most.

I am waiting the Blue Level breakout to see more upward movements.

Let me know what you think about this new weekly appointment, and what indicators you would like to be taken into consideration more (or even explained).

Stay tuned and be sure to follow to get noticed when my contents come out.

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None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.

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By akohad

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