TO THE MOON?! – Bitcoin update 08.08

Recently bitcoin has been showing a spectacular move upwards (57% since June 22nd!) and the crypto market seems to be showing a shed of light. Are we ready to full moon? Let’s have a look at the dollar index and the dominance chart to get a clearer picture of Bitcoin’s destiny.

Those of you that missed the train are probably starting worry that you missed a lifetime opportunity but FEAR NOT! Crypto is a 24/7/365 market and there will be a countless amount of opportunities during this bullrun.

Now let’s begin.

Looking at the BTC .D chart, we can see that we are in a pennant that will soon break to show a big movement either to the downside or the upside.

If it goes to the upside we can expect 2 different scenarios.

1. Bitcoin shows bigger gains than alts.
2. Bitcoin bleeds less than alts.

If BTC .D breaks to the downside, there’s a high possibility that we see an alt season.

Next we’ll look at the DXY .chart

The dollar is showing strength after the break of the trendline. If we can reclaim 92.845 and hold, our next destination is 96, which means that bitcoin will probably fall.

For the following reasons despite Bitcoin showing strength, our team is sharing the opinion that it is too early to go full bulltard.

People that have been following our twitter should know already but our team believes that we are in a macro bull trend. If we get a dip we will accumulate spot long since the bears have a long way to go to cancel the macro bulltrend.

To finish off I want to emphasize on the importance of having a plan. Trading is all about discipline. If you follow your emotions over plans you’re probably going to get pounding. Always plan your trade and practice trading respecting your own rules.

Pleas smash the follow and like button if you found the information useful and we’ll be back with more updates 🙂

Thank you