Hi Protons,
Whats next for the DXY?
Signs for a top have been published previous weeks on big magazine covers. Magazine covers of especially Barrons usually mark U turns in trends.
These covers were published in the previous weeks:
This together with the sentiment on twitter indicate that the majority is thinking that the dollar will go much much higher. I’m not on that side of the trade. I think the dollar will top soon.
In the past weeks we have seen that the DXY pushed higher, but that bitcoin didnt break new lows. This could be a tell that the dollar is in its final phase of its uptrend.
Ethereum/ palladium prophecy.
Ethereum is still on track to follow the Palladium prophecy. As long as the all time orange VWAP holds there is nothing to worry about.
Previous bottoms compared to now.
If we compare this potential bottom to previous bottoms we can see that they look quite the same. Remember history often repeats in markets.
What are the funding rates telling us?
The funding rate is negative for a while now on Bitcoin. A period of negative funding rates often leads a bottoms/ new uptrend as illustraded below.
Flatlining Percent of Supply Last Active.
Flatlining percent of supply last active indicates and end of the downtrend.
I talked about this in previous reports too.
A big report will follow in the coming days.
Thanks for reading.