Bitcoin eyeing 'next big move' which could see $19K retest — analyst

2 years ago

Bitcoin (BTC) is headed to either $28,000 oregon $19,000 and this week could determine all, caller investigation says.

In Twitter comments connected Feb. 15, fashionable trader Skew told followers that BTC/USD is present successful a “pivotal area.”

"Next large move" owed for Bitcoin

Despite returning supra $22,000 connected the backmost of the Feb. 14 United States Consumer Price Index (CPI) print, Bitcoin has yet to resume the blistering rally which saw it summation 40% successful January.

After 2 weeks of consolidation, however, the clip to marque a determination is here, Skew believes.

“I deliberation we're mounting up for the adjacent large move,” helium summarized alongside a illustration showing applicable BTC terms targets.

Those targets travel successful the signifier of $28,000 and $19,000 to the downside. Both somewhat echo others’ perspectives from passim the 2023 recovery, with the country instantly beneath $20,000 of particular interest.

Current spot terms levels, meanwhile, amusement that Bitcoin is investigating a “pivotal country present successful a large range,” Skew continued.

“Next mates days volition beryllium important,” helium added.

Asked whether the likelihood favour 1 absorption oregon another, the reply was little appetizing for bulls anxious to proceed the travel toward $30,000.

A operation of U.S. dollar strength, enslaved yields and banal marketplace show has already acceptable up a problematic script for hazard assets en masse, Skew explained.

“From present & the operation of DXY / JPYUSD, makes consciousness for USD to rally into friday,” a further station read.

“There is besides dislocation betwixt the 2Y & ES; weakness successful precocious beta assets contiguous would corroborate a determination down successful hazard assets.”

Trader warns of "parabolic" U.S. dollar move

As Cointelegraph reported, the U.S. dollar scale (DXY) is connected the radar for galore marketplace participants this period aft seeing a rebound of its own, perchance breaking a multi-month downtrend definitively.

DXY continued to clasp crushed reclaimed successful its latest propulsion higher connected the time astatine astir 103.5, information from TradingView showed.

For chap trader and expert TechDev, determination is adjacent origin to see a “parabolic” instrumentality to signifier for DXY, with each the downside unit connected crypto and hazard assets that this would imply.

He referred to the narration betwixt the dollar and Chinese enslaved yields.

“Interesting that this liquidity awesome conscionable enactment successful a akin double-bottom to DXY's 2 years ago, earlier it went parabolic,” helium commented connected a illustration connected Feb. 12.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

View source