BTC Update - DXY, US500, & USDT.D Analysis Inside! 🔎

١٦ ديسمبر ٢٠٢٢

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per my last analysis, I mentioned that BTC would be overall bullish from a short-term perspective as long as we are trading inside the red rising channel.

Now since the lower trendline and minor support in gray are broken, let's make a quick update.

For the bears to remain in control, and take over from a medium-term perspective, we need a break below the orange zone. If broken, a movement till the 16k support would be expected.

Moreover, the overall situation isn't helping. Let me clarify:

📌US500 - we all know that the crypto market is positively correlated with the stock market.

📉Previously, I have posted this US500 analysis and the sell setup would get activated if we break below the last low in orange.

📈Update => US500 broke below the orange zone this morning. Now a bearish movement till the first minor support around 3750 would be expected.


📌DXY - well, no need for an explanation here. almost everything is valued in terms of USD. XAUUSD / USOIL / EURUSD / BTCUSD ...

📉Previously, as mentioned, USD index is approaching a strong demand zone

📈Update => We are still around the blue demand zone. For the bulls to take over, we need a break above the orange trendline and zone. If this happen, I will be expecting a bullish movement till the first minor support around 108.0 which would be make the situation worse for the crypto and stock market.


📌USDT.D - are traders investing in coins/tokens? or shifting it to USDT?

📉Previously, as mentioned, USDT.D is sitting around a strong support zone in blue. For the bears to remain in control, we need a break below the zone. Meanwhile, the bulls can still kick in!

📈Update => USDT.D rejected the blue support, and now breaking above the last high in orange. If this H4 candle closes above the zone, then expect further bullish movement till around 8.7%


What do you think might happen next? Eager to hear your thoughts and opinions!

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich