The stock market is up, but so is the DXY. Can BTC and alts rise above the fray?
in October to its highest since the first quarter of 2020, according to Bloomberg Intelligence senior commodity strategist Mike McGlone. The previous instance of the huge discount was followed by a massive rally that lasted till 2021. McGlone believes the same could happen again this time and Bitcoin may outperform most major assets.
If the price turns up and breaks above $3,800, it will break the lower lows and lower highs pattern. The index could then rise to the 50-day simple moving average . The sellers will attempt to gain the upper hand in the near term by pulling the price below the 20-day EMA. If they succeed, the index could sink to $110. Buyers are likely to defend this level and a bounce off it could keep the index range-bound between $110 and $114.77 for some time.
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