Bitcoin Price Targets $46,000 As DXY Receives Kiss Of Death
2023年11月7日 - 9:45PM
NEWSBTC
In a striking dual analysis, the financial charts paint contrasting
futures for the US Dollar Index (DXY) and Bitcoin (BTC). Gert van
Lagen, a technical analyst, has provided a bearish prognosis for
the DXY, while simultaneously highlighting a bullish setup for
Bitcoin that could see it aiming for a $46,000 target. DXY Receives
Kiss Of Death The DXY has been in an upward trend since July, as
shown by the blue ascending trend line on the daily chart. However,
this line was broken to the downside on October 9, indicating a
change in market sentiment. Van Lagen explains, “Blue uptrend since
July has been broken too. Time to continue down.” This sentiment is
reinforced by the price action within the black channel from the
beginning of October till recently, where a period of consolidation
is visible, succeeded by a strong downward move. The DXY dropped by
1.2% last Friday, November 3, to 104.92 and is currently undergoing
a retest of the channel, a common technical pattern where the price
moves back to the breakdown point before continuing in the
direction of the initial direction. Related Reading: Why Ark
Invest’s Cathie Wood Picks Bitcoin Over Cash And Gold A third
bearish argument for the DXY is the rejection at the highlighted
red zone on the chart which signifies a high timeframe Fibonacci
resistance area. The Fibonacci retracement is a popular tool among
traders to identify potential reversal levels. The DXY’s price
action shows a “clear rejection” at this level, where the index
attempted to rise but was pushed back down, reinforcing the bearish
stance. Bitcoin Price Targets $46,000 Amidst the weakness of the
DXY, the inverse correlation with Bitcoin becomes a focal point for
crypto investors. Gert van Lagen provides insight into Bitcoin’s
potential trajectory, observing a bullish pattern emerging on its
6-hour chart. “BTC [6h] – Bullish pennant in play targeting $46k.
The pennant is part of the shown ascending channel,” remarked van
Lagen. The chart displays Bitcoin’s price consolidating in a
pennant structure, a continuation pattern that signals a pause in a
strong upward or downward trend before the next move. The pennant
is delineated by converging trend lines which have been formed by
connecting the sequential highs and lows of price action,
converging to a point indicative of an imminent breakout. Related
Reading: Expert Predicts Date For Next Bitcoin Cycle High Of
$130,000 In this case, the pennant follows a significant upward
trend, suggesting that the breakout is likely to continue in the
bullish direction. The ascending channel, highlighted by two
parallel upward-sloping lines, encompasses the entire bullish
movement of Bitcoin on the chart, including the pennant formation.
This channel serves as a guide for the price trend, indicating
where support and resistance levels are anticipated at the moment.
Van Lagen’s analysis posits a targeted price of $46,000 upon the
resolution of the pennant, a level that is determined by the height
of the prior move that preceded the pennant, projected upward from
the point of breakout. The dashed lines on the chart illustrate the
potential path Bitcoin’s price could take following the breakout.
An important detail in van Lagen’s chart is the ‘Invalidation’
level marked below the pennant. This level at $34,103 is critical
as it signifies where the bullish hypothesis would be considered
incorrect, serving as a stop-loss point for traders acting on this
pattern. At press time, BTC traded at $34,625. Featured image from
Dmytro Demidko / Unsplash, chart from TradingView.com
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