cryptoviewing

Market Update Nov 16 7:30 AM EST

Added 2022-11-16 15:15:06 +0000 UTC

Current Prices BTC 16,650 DXY 105.92

Good morning all

Just a quick update on our DXY (USD) and BTC targets.

We have reached our initial target of 105 on the DXY (105.40)
From this point, there is a good chance we may see a move higher for at least a few sessions before resuming our downward slide.
All eyes should be on the next support level between 100-102 This is the Primary trend line and needs to hold the structure.
The DXY charts look more like a significant-top than a mere correction, as we have now lost a full 10 points on the Index.

My analysis puts the chance of 115 being the major top at 60% and if we visit the 100-102 pocket in the coming weeks, that number jumps to 75%.
Either way, we are still in a no-trade zone and if the 100-102 target is reached, my trading opportunities will then be viewed from the short side of the DXY
The good news is that most of our commodity positions should benefit greatly from such a break in price.

Meanwhile, BTC has created a bear flag which coincides with my black box analysis suggesting a move lower to the next target zone of 12-14000 and possibly within the next 10 days. Assuming we reach this target, I would have to wait and see how it behaves once we are there, before further guidance with new numbers.
The bear flag signal will remain intact unless we break to the upside and manage to close above the 20,000 level on the daily BTC

I am also expecting more fallout from FTX in the days ahead so it will be more volatile than normal and the contagion will likely play out across other markets.

Be sure to sign up for my commodity alerts and video updates on Metals, Grains, and Energies at Bullshift2020.com

Have a great day

Martee