#BTC #DXY Confirming Negative Correlation
#BTCUSD is showing signs of a potential bull run. However has wall st. sunk its fangs into BTC enough to control it and tame it into a digital commodity?
Commodities tend to hold a negative correlation to the dollar value. The DXY is at a major accumulation zone testing a horizontal support level.
Watch the DXY closely over the next few days or weeks. If the DXY manages to hold support level and rebound into new up trend, will it mean BTC is just setting up
for a bull trap that will continue to dump till DXY finally finds an end to its bull rally?
Something to keep an eye on!
Hope this helps my followers
I'm neutral here. Yet, I don't like the bear divergence forming on BTC and bull divergence forming on DXY.
Commodities tend to hold a negative correlation to the dollar value. The DXY is at a major accumulation zone testing a horizontal support level.
Watch the DXY closely over the next few days or weeks. If the DXY manages to hold support level and rebound into new up trend, will it mean BTC is just setting up
for a bull trap that will continue to dump till DXY finally finds an end to its bull rally?
Something to keep an eye on!
Hope this helps my followers
I'm neutral here. Yet, I don't like the bear divergence forming on BTC and bull divergence forming on DXY.
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