The Dollar looks ready to pull back to me... which is great news for Bitcoin!
If the dollar dips, Bitcoin soars
If you want to figure out how to trade bitcoin overt the last decade, the best chart you could look at is a chart of the dollar.
Bitcoin is basically moved inversely to the dollar the majority of the time.
When the dollar is weak, bitcoin does well, and when the dollar is strong bitcoin does poorly.
Well, here's the latest chart of the dollar:
(Source: https://twitter.com/MisterSpread/status/1514747339793219585/photo/1)
As you can see, it's at the very top of it's upward sloping channel.
My guess is that it pulls back at least to the midpoint of this channel in the near term.
That would give some breathing room for bitcoin and the rest of crypto to bounce nicely.
If the dollar would breakdown, we would see bitcoin soar again.
Hi! What do you think about opinion that bitcoin will go now on 10-15k dollars before going on 100k?
I don't think bitcoin will ever go below $20k again, though it could get close to that level on a black swan event. Bitcoin has never gone lower than it's prior halving cycle high, which was around $20k previously.