Week opening trades US dollar on the move

17.01.2023

Dear traders,

Market is ready for today moves lot of coins and stock are at resistance. DXY will choose the way how we will trade this week.

Jake
TOP Trader

BTC:

BTC is at resistance and trying to break range of 21.500$ and continue grow. All eyes are on DXY dollar move and breaking down of dollar will make BTC moving up. Trade carefully with tight stop loss.

ETH:

ETH try to break 1600$ range few times and gets rejected and holds now at strong resistance. Next move will show strength or pull back to support.

XRP:

XRP show strength and broke few times 0.4$ but turn back in consolidation zone. Break and hold will show XRP continuation pattern. It is start to losing strength and possible pull back is in.

LINK:

LINK consolidating for next move still not clear direction but sentiment is bullish but it is losing strength for push.

SOL:

Sol break all resistance and try to break 25$ but get push back at 23$ who act like support. Broke of this support will test nex support at 18.5$ but next leg up is more possible. If it break above 25.5$ and hold.

DXY:

DXY show small bounce with bullish signals still need confirmation for next leg up. If bounce from this point it will nuke all market but still show no strength. All eyes are on next big move of DXY watch carefully.

Crypto/stock daily news:

MARKET MOVEMENTS – WILL PRICES CONTINUE UP OR DROP BACK DOWN?
Crypto markets are a lot like a seesaw at the park.

Sometimes it’s up. Sometimes it’s down. And a lot of times.. you just get f*cked up.
Well right now, the markets are on the up. Over the last 7 days, BTC is up 23%, ETH is up 23%, and SOL is up 70%. The overall crypto market is almost back to $1T.
What’s up with the pump? Well, it could be a few things…
U.S Inflation has cooled down. Last week’s CPI report came in at 6.5%, which was the 6th straight month it’s decreased.
Series of short-position liquidations. $1.2b has been liquidated over the last 7 days in short position. Liquidations are tricky… sometimes they cause prices to spiral down, other times they can cause a “short squeeze” and cause prices to pump like a balloon.
With prices on the up, everyone is wondering one thing… is the bull market back? Is there caviar in the near future? Or are we headed back to the McDonalds dollar menu?
Well, over the weekend Bitcoin’s RSI level just hit one of its highest levels in years. RSI = Relative Strength Index. It’s what data nerds use to measure whether something is overbought or oversold.
According to history, the last 3 times the RSI hit these levels there was eventually a correction.
Highest RSI levels on Daily $BTC chart for 4 years.

Each of the prior 3 touches of the 90 level responded as follows:
Touch 1: BTC continued +18% higher before correcting -12%
Touch 2: BTC continued +16% higher before correcting -21%
Touch 3: No BTC gain and -31% correction

Hell if we know what will happen to prices. But, if there is one thing we learned from the OG Warren Buffett it’s…
Be fearful when others are greedy, and greedy when others are fearful. And right now, people are greedy about crypto for the first time in a while.