Popular trader Skey believes that now is the defining moment for BTC price action, which could see a trip to $28,000.
Bitcoin
BTC
The tickets went down.
$23,810
According to fresh analysis, $28,000 or $19,000, he said, and everything could be decided this week.
In a February 15 tweet, Popular trader Ske told followers that BTC/USD is currently in key territory.
“The Next Big Step” for Bitcoin
After the February 14 US Consumer Price Index (CPI) print, it returned above $22,000, but Bitcoin has yet to start its 40% jump in January.
But after two weeks of gathering, Schey believes the time has come to make a decision.
“I think we are preparing for another big move,” he concluded with a chart showing BTC price targets.
Those targets fall at $28,000 and $19,000. Both areas echo other views of less than $20,000 of fixed interest and a 2023 recovery.
current spot price levels; At the same time, It shows that Bitcoin is testing a “major area of greater range.”
“The next two days will be important,” he said.
When asked if the odds favor one direction, for bulls eager to continue their journey to $0,000, the answer seems to be yes.
the strength of the US dollar; Schey explained that the combination of bond yields and stock market performance has already set a problematic landscape for risk assets.
“The DXY/JPYUSD formation from here means the USD is up on Friday,” read a follow-up post.
“There are also transfers between 2Y and ES. Weaknesses in high beta assets warrant a move to riskier assets today. ”
Traders warn of “parabolic” US dollar move.
According to Cointelegraph, The US Dollar Index (DXY) has been on the radar for many market participants this month after seeing a rebound that could break a multi-month downtrend.
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Data from TradingView shows that the DXY is holding on to the ground it regained around 103.5 on its last push on the day.
For fellow traders and analysts TechDev; With all the downward pressure on crypto and risk assets, there is also reason to consider a “parabolic” return for DXY.
He noted the correlation between the dollar and Chinese bonds.
“Interestingly, this liquidity signal was held at the double bottom of the DXY for the past two years,” he commented on the chart dated February 12.
