The Dollar is rebounding from the key support level at 110, if we lose this level then the next ones will be at 109.3 (50% fib) and 108.1 (61.8% fib)
The last two times we broke the support trend line office on the RSI we had:
- The next day a green candle, like today, green after yesterday's red.
- The RSI bounced off the 50 level but ended down a few days later.
- The Bottom was on the MA 62 and the fibo in the 50% to 61.8% zone
- Finally the rebound after two bullish divergences on the RSI and then the return of the bull run on the Dollar and the Bear market on the S&P 500 and the BTC.
The duration between the breakout of the trend line on the RSI and the Bottom before rebounding is 11 days and 23 days, I would say on average 17 days of decline on the Dollar but rise on cryptos and stocks.
As you know I am bearish on the medium term Weekly, with not terrible news in the world on the level of war, energy, inflation, and a very expensive average cost of living, with interest rates which are likely to continue to increase for a few months to lower inflation.
I would wait for the reaction of the price on the dollar, already on the level of 110, but I think that we will go even lower to seek between the 108 to 109 towards the 50% to 61.8% of fibo to test the purple trend line of the bullish channel and the MA 62.
The best scenario on the dollar is that we will break the key level of 108 in confluence with the last low, the MA 62 and the trend line of the bullish channel to confirm a change of structure towards the beginning of the Bear market on the DXY and a Bottom for our king BTC in a boring range from the end of the Bear market.
https://www.tradingview.com/x/OiEN9esv/
👉 Follow the links below to the best & Secured Exchanges that I use for trading & often gives rewards for using their platform like Learn & Earn Program, making deposit & Trading on spot or Futures, Trading Competition, ...etc.
📈 Bybit: Get up to 4030 USDT in rewards just by signing up!
https://www.bybit.com/app/register?ref=7Wgmj
📈 Binance: 10% discount on Binance Futures trading fees!
https://www.binance.com/en/futures/ref/38451215
📈 FTX: Sign Up Bonus of 5% fee discount on all your trades.
https://ftx.com/referrals#a=1768923
📈 Phemex: Up to $180 in welcome bonuses waiting for you.
https://phemex.com/register?group=718&referralCode=BAR9K
📈 Kucoin: Rewards for users Up to 10 million USDT
https://www.kucoin.com/ucenter/signup?rcode=Kvyf2d
📈 Bitmex: Up to 80 BMEX Tokens Welcome Offer.
https://www.bitmex.com/app/register/xXePh3
👀 Follow the Links bellow to my Telegram channels:
☑️ English: https://t.me/tradingwithbinance
☑️ French: https://t.me/Adaminssane1