đź“Š U.S. Dollar Index Turns Bullish, Upwards Correction
Updated
Even though the DXY is set to grow it looks like an upwards correction, which can end in a lower high. Regardless of how this move ends, this index is currently pointing higher (bullish).
A bounce is taking place right after the 0.618 Fib. retracement level was hit, the golden ratio.
This level tends to work perfectly as support. This is supported by the RSI.
The RSI is showing a steep falling wedge:
The reading moved below 0.786 Fib. retracement but already recovered, confirming a higher low.
The signals are there.
👉 If the DXY produces an upward correction, Bitcoin produces a downward correction...
The markets are random, some people say, nobody can guess these things... But we are not guessing, we are reading but what the charts are saying always continue to change.
âž– First, the chart says down and it goes down.
âž– Now, the chart says up and it goes up.
There is no volume here so it is an "incomplete signal" but we have other assets which support this chart.
Things can always change. Right now it looks like that is exactly what is taking place, what went down will go up, what is going up will correct.
A short-term or medium-term correction?
It doesn't matter... Just be prepared.
Namaste.
A bounce is taking place right after the 0.618 Fib. retracement level was hit, the golden ratio.
This level tends to work perfectly as support. This is supported by the RSI.
The RSI is showing a steep falling wedge:
The reading moved below 0.786 Fib. retracement but already recovered, confirming a higher low.
The signals are there.
👉 If the DXY produces an upward correction, Bitcoin produces a downward correction...
The markets are random, some people say, nobody can guess these things... But we are not guessing, we are reading but what the charts are saying always continue to change.
âž– First, the chart says down and it goes down.
âž– Now, the chart says up and it goes up.
There is no volume here so it is an "incomplete signal" but we have other assets which support this chart.
Things can always change. Right now it looks like that is exactly what is taking place, what went down will go up, what is going up will correct.
A short-term or medium-term correction?
It doesn't matter... Just be prepared.
Namaste.
Note
👉 Bullish signals➖ 4H | Moving above EMA50
âž– W | Hammer candlestick
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