This is a sunny technical examination of coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin
The bulls are optimistic That the broader sale of the US dollar will continue in the second half of the year, releasing the Crypto Bull Run.
However, a chart warns of caution when relying on dollar predictions. That’s the weekly dollar index chart, showing a 50-week simple transfer of average (SMA) was on the track to cross under the 200-week SMA in the near term, forming a prominent cross of death.
While the trivial sound pattern is widely regarded as a long -term bearish signal, in history, it has proven that it is a bear trap, which continues to marked the bottoms and turns of the trend in the US dollar.
The chart below shows that DXY has released four weekly death charts since 2009, and each marked the end of the falls (marked with vertical lines)setting the stage for sharp rally.
The last occurred in January 2021, marked the bottom around 90. The dollar caught the bid in the subsequent months, with the index later hitting a high of more than 114.00 on September 2022.
Keep in mind that price patterns do not always open as expected, which means that the upcoming cross of death may not necessarily trap the bear; However, gaining awareness of the previous passion will help entrepreneurs manage their positions more effectively.
The dollar index, which tracks the value of the greenback against Fiat’s major currencies, which has been 10.78% in the first half of the year, the worst performance since 1991.
