BTC.D appears to be following a rising wedge pattern, currently approaching its support trendline. The MACD crossover suggests a bearish momentum, indicating potential downward movement. Despite this, the Ichimoku cloud is signaling an upward trend.
A sustained breakdown of the rising wedge would serve as confirmation of a downward trend in BTC.D, potentially signaling a bull run in altcoins.
BTC is currently trading above the ascending trendline support and the MA 100. It is situated within the Ichimoku cloud, indicating a short-term indecision in the market.
Bulls must regain momentum, and as long as it maintains its position above the ascending trendline support, a bullish rally is anticipated.
The US dollar has distinctly encountered horizontal resistance and subsequently breached the MA 200. The MACD crossover indicates a bearish momentum.
Anticipation leans towards a continued downward trend in the dollar, potentially signaling a bullish trend for the market, given its inverse relationship.
After a powerful bullish rally, BTC has recently achieved a higher high and is presently in the process of establishing a higher low. A rebound is anticipated from the current support level.
However, if it fails to maintain a position above this support level, there is a possibility of a retest and the formation of a higher low above the marked horizontal support, further solidifying the upward trend.