While everyone is cheering “altseason is loading,” the DXY quietly bounced from the bottom of a massive channel dating back to 2008.
On the monthly chart, it formed a green candle at the 0.382 Fibonacci level. It’s not clear yet, but if this candle turns into a bullish engulfing pattern, altcoins could really shake up this time.
BTC might approach a new short-term high but then pull back towards $100,000.
HOWEVER, this path won’t open without leaving a tombstone on the altcoins.
My scenario for the end of the year is as follows:
– The green candle continues, risk assets take another hit.
– BTC makes a new spike high.
– DXY forms a wick reversal candle on top.
– The channel breaks downwards.
– The US begins election-year vote gathering moves with money printing to ease markets.
– Global tensions ease.
– Altseason comes then.
Not now, still too early.
#CryptoMarket4T
#AltcoinSeasonLoading
Not financial advice.
