Regardless of the news, this US dollar chart is still heading up. The USD bull market is keeping the gold price in check. Even though the commercials positions are heavy net short, the USD seems to ignore that. This does happen at times and can last a long time before any reversal happens.
We can see that the USD price moves are still controlled by the “Golden Cross” and the US dollar would have to crash deep before the “Death Cross” can even occur. The USD is getting support at the 200-day MA line and I see that as a bullish sign. All the gold bugs, (investors) want the USD to implode but at this time the USD refuses to play their game. Short term the odds may be stacked against the US dollar but not long term as the US dollar is in a bigger bull market than we can imagine.
The next price target would be above my wave 3 in Minor degree, which is about 97.500.
I read a Crypto related blog and since the wild top, all I heard was news that was centered around “Hope”. Wishing that some miracle is going to happen to send Bitcoin prices soaring again has been the main theme. The last thing I will do is give readers a wave count on any Cryptos as it is a waste of our time.
It was the huge gap that opened up to the downside that caught my eye, and once I check the price at the mania peak it worked out that Bitcoin futures hit $1,931,501 US. We know Bitcoin never saw that price extreme, and it was a dead giveaway that they did some special work how this chart puts out data. Events or insane price top changes is not that uncommon, as many of the leveraged ETFs do exactly that.
The industry is so prone to hacking, and shady operators that it has turned off many people from using Bitcoin. Besides, that Bitcoin prices are declining which investors hate as well.
In the real world gaps have a 90% chance of getting filled, but in the Crypto world nothing is real and this gap will, “Never” get filled! If it did then Bitcoin would have to go above $600,000 and the charts would need to get adjusted again.