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10/17/2022 06:23:10 GMT

If USD will resume higher then BTC can stop at 20500 resistance

Gregor Horvat Wavetraders

Cryptocurrencies found some support last week as stocks rallied and USD sold off. However, we again see USD index turning higher since Friday, and if this will resume then cryptos will have hard time to recover. However, we see the room on Bitcoin up to 20500 area, a potential resistance. At the same time I am also looking at Bitcoin market cap which continues to consolidate within wave four and we know that if this one breaks lower, the altcoins may follow. However, that's a weekly chart which for now may not impact the intraday bulls but its good to keep one eye on big picture.

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Chart

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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