In our analysis in January, we drew attention to the possibility of a pullback in DXY and stated that we could see a relief rise.
DXY retreated from a point very close to the level we specified in the related analysis and regressed to 96 levels.
Meanwhile bitcoinIt started to push the $39,000 levels in .
This movement of Bitcoin, which has been falling hard for a long time without making horizontal movements, allowed altcoins to partially breathe.
Ethereum, which retreated to the level of $ 2100, rose again to the levels of $ 2800 with this relief.
Target 42100$
When we look at the Bitcoin chart, we observe that a minor ascending triangle has formed. At this point, we will follow the neckline formed at $38,000 in the short term as support.
Unless we see a 4-hour close below $38,000, we can wait for our formation target of $42,100.
Meanwhile, if the pullback in DXY continues, the 95.500 and 94.500 supports should be followed there as well.
*Not Investment Advice.