We’re taking a quick look at Bitcoin, we did have a pretty aggressive drop today. We’re going to take a look at the major levels why we have the drop, why are we bouncing from this range is this sustainable, are we going to continue to the downside something that we are going to discuss. We’re also taking a look at the DXY absolutely exploding. I think that this is very much, what I was expecting because we’re having massive bearish Divergence on the RSI. I think this is not going to be a successful breakup just like what we saw right over here breaking these highs. Also now we’re breaking these highs, I think that the price of the DXY is going to get exhausted and, of course, we are going to have that big massive correction in the next coming weeks. I want to explain this we also take a look at the S P 500 still very much valid in this Godly bearish pattern. Well, I do think that we have at least one and three weeks. First, it’s obvious if we say that if you want to start crypto trading, we can suggest you to use a crypto trading bot to make safe transactions. Earning from 200% up to 2,000% APY is a great bonus of using Jet-Bot copy trading platform.
I’m going to show you with Fibonacci time. There’s plenty of time anyone could even go lower here to the 0.88 which would be around about the 3600 and 50 points approximately. I’m going to show you why we do have time for the S P 500 to have this run up the DXY to drop potentially and have a big correction in the coming weeks. That is going to make Bitcoin have an explosive move to the upside. Let’s dive in here guys because we did have some pretty nice pumpy action. Yesterday I did close all of my trades all right while we’re having this correction. I did manage to enter a quick short position that I’ve also closed all of my position because we are hitting a major Zone here on bitcoin.
I’ll explain why we were hitting major resistance here on bitcoin. Also here just around about that twenty thousand three-hundred-dollar range having that exhaustion. As you can see on the two reality having that volatility consolidation. Also, we had massive big wall on the VPVR. As you can see the biggest Spike here is around this level, as you can see we’re just hitting that major resistance and having that correction. Also if we take a look at the highest point from this trading range over here to the low levels. We were heading round about the 50 Fibonacci retracements and, of course, if we take from this high Spike over here. We were hitting perfectly the 0.78. As you can see so in between the 50 from this drop and this drop over here major Big Field levels also with the volume profile having that pretty decent correction now. The reason why also we were getting this bounce over here. As you can see on the VPVR from the last trading volume the last 20-30 days.
We can see the value area high level. This is currently where we have a daily level that has been very much respected as resistance here in the past. As you can see getting that beautiful bounce, we’ve got daily level nice VPVR levels and if we take a look at Fibonacci retracement from these lowest levels over here to the high. You’re actually hitting that Fibonacci 618 looking for that nice little bounce pretty nice scalp that could have been taken today. I did not take this scalp. Of course, I only managed to Short okay after closing this position this range over here and now I’m in no position all right till tomorrow or even after tomorrow or depending on what we do in the next coming days but okay I want to talk about the mid-term, not in the immediate short term midterm. What is going on okay here we know that interest rates are going to go up. Someone’s saying that it’s going to go up one percent all right the next hike. This is going to be really bad for the market. Bitcoin is going to go ten thousand dollars. I think you know it is possible that we go down there.
But it’s not going to happen just yet. So, why is it not going to happen just yet well media medium term? I think that we’re going to have a pretty nice run-up at some point. The market doesn’t go down in a straight line Market doesn’t go up in a straight line. So, I am looking for bigger relief rallies. I do think that this 18 19 000 range can be defended all right I might be totally wrong. But this is a prediction that I want to make not for trading. If the market goes down or up I won’t be losing money because I was a Trader, I have good risk management I want to take advantage up or down of course my portfolio will be down. If Bitcoin goes to ten thousand dollars. But, that is a long run occurred not live out of my portfolio. So, it doesn’t really matter so just go in here quickly to the DXY. DXY is absolutely exploding we’ve had a massive pump on the DXY just today of over 1.6 percent here which is huge for the DXY. It’s currently at the 106.6 levels at this moment, but I do think like I said the parabolic run is getting kind of exhausted. Even though we’re going crazy to the upside. But we are creating this massive bearish Divergence on The Daily RSI which is pretty strong. We are creating lower highs while I do think you know this is getting exhausted and higher highs on the price action of the DXY.
As you can see here at some point we are going to have that steep correction. In my personal opinion, this is not going to have more steam to the upside. We’re going sideways slightly to the downside. This is only my personal opinion. I know that dollar is the world Reserve currency still and it’s still going to be the world Reserve currency for the next at least five to ten years. This can continue to the upside, but there will be a moment that we are going to have a big massive retracement and this will be good for Bitcoin in the mid-long run, of course, take a look at the S P 500. We did have a very sharp correction today pretty nice correction to the downside. I just want to explain to you how this back pattern over here. We can see Fibonacci time Fibonacci is extremely important this back hasn’t played out pretty nicely. I was looking for slightly higher levels, but sometimes you can reach this level go slightly above slightly below and consolidate and then have that correction. I just want to show you here from this bat harmonic pattern that Fibonacci time is extremely important.
If we go from X to B right in the middle of the pattern, you want a one-to-one extension okay from this back pattern. It was absolutely too Perfection, basically, if you take the highest point from this bat pattern over here go to the B point halfway through you want to one-to-one extension. As you can see here on Fibonacci time you are hitting that one-to-one extension Fibonacci extension. This is what we want to see if we can have this partly back pattern playing out all right. So, we are looking for higher levels in the next week or two on this guard on the S P 500 and I’m going to explain. This major consolidation would take the highest point from this level but you could arguably discuss whether you could take the middle point or even this point right at the start of the drop. A lot of people might think the start of the drop is here. So, it’s very arguably you know discussed that you know we don’t really know we do have a pretty large range where to get Fibonacci time. If you are seeing this as a Godly pattern.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/3DHknFwyxZ8