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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin dollar dxy btcusd

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Today is the day everyone in crypto has been waiting for: popular Bitcoin exchange Coinbase has been publicly listed on the stock market for the first time ever.

The entire industry is buzzing, still euphoric from the months of nothing but green candles. However, the euphoria could be blinding market participants to the fact that the dollar could potentially be ready to reverse.

Crypto Market Celebrates Coinbase Listing Day With New Bitcoin All-Time Highs

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs,” Buffett wrote in a shareholder letter from 2000. “Nothing sedates rationality like large doses of effortless money.”

Effortless money has been the theme of crypto over the last year, during a time when money is hard to come by for so many suffering from the impact of the pandemic.

Related Reading | Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

The crypto market Fear and Greed Index is at full-blown greed, which other Buffett quotes point out are a time to be fearful. But investors aren’t fearful at all.

They’re rolling the dice on altcoins, throwing millions at NFTs, and more with little concern about putting money away for the future – what Bitcoin was supposed to be about in the first place.

All this exuberance has put blinders on most crypto investors who are unaware of a potential reversal brewing in the dollar that could over the next several days catch them off guard.

bitcoin dollar dxy btcusd

The TD 9 indicator has perfected a sell setup on an 8-count | Source: DXY on TradingView.com

How Exuberance Has Left Investors Blind To Potential Dollar Reversal

The Dollar Currency Index, a weighted basked of top currencies trading against the dollar, is now higher than lows set earlier in the year, but it’s been dropping to retest former resistance turned support.

Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

On the way down, the DXY has perfected a sell setup on the TD Sequential indicator. The indicator is at only an 8 count instead of the typically lethal 9, however, as signals on the other end have shown a perfected 8 works just fine.

bitcoin dollar dxy btcusd bull market

Major dollar reversals have ended Bitcoin bull markets | Source: BTCUSD on TradingView.com

Looking at the bigger picture, Bitcoin bull markets have ended when the dollar finally turns around, and after this retest of support, another leg up could be devastating to the crypto space.

What’s worse, is that investors are too exuberant currently to ever see it coming. Institutions are here, Coinbase has went public, and the stock-to-flow model predicts $100,000 BTC or more – what could possibly go wrong?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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