Filling our shorts with profit, $BTC Bitcoin was unable to fully break through the long-term moving averages upward on the daily timeframe. Moreover, the price formed a Harami candlestick pattern, which indicates a break in the bullish local trend.
🩸 Meanwhile, the main indicator of an imminent collapse has already formed on the stock market:
1. Sharp rise in DXY
2. Strong drop in gold
3. Increase in profitability of 10 years
Last time the indicator worked like a clock:
On June 1️⃣30 June, this indicator gave a signal and as a result, the price of Bitcoin fell by -18.3%
2️⃣ In February 2023, this indicator also worked successfully and as a result, Bitcoin fell by -22.6%.
Yes, Bitcoin has been growing recently amid the fall of key assets on the planet, but historically such a trend has always come to an end.
Therefore, let's see what is happening with the assets included in the collapse indicator:
🥇Gold
Gold$PAXG continues its downward rally and has already lost more than -12% from its peak.
For the most liquid asset on the planet, this is a bit much.
In general, gold now looks attractive for purchases, but more on that in future posts.
💸 DXY
We wrote about the dollar index a week ago and since then it has added more than 2 points. So far, no dynamics are visible to break the strengthening of the dollar. We have already described the impact of a strong dollar on markets earlier.
🧾 10-year bonds
This asset is one of the most important reliable instruments.
A 10-year bond is a US debt security with a maturity of 10 years.
Typically, a rise in 10-year interest rates is a bad sign and indicates a withdrawal of liquidity from the markets.
📊 Conclusion:
Another bearish signal has formed in the markets and all stock market assets continue to fall for the third month in a row!
In Bitcoin, the bears have also finally taken the initiative, but so far Bitcoin is still showing strength relative to the stock market. And the alts are in no hurry to fall much.
In any case, the general trend in the markets continues to be downward. And this must be taken into account when making trading decisions.
🤟 Did you like the review or want to better understand cryptocurrencies and technical analysis?
✔️ Then subscribe to the channel and like
➡️ #cassius_trade Look for us in the profile header