DXY is looking bull, what it could mean for BTC
Updated
Because of this long descending triangle, DXY could be going bullish for a while. This could give some relief on the massive inflation that is happening. We are seeing DXY approach an accumulation zone from ~ May of 22', this could definitely give us the bullish momentum we needed.
First Price Target: ~104.1
Second Price Target: ~105.3
Third Price Target (likely won't get hit): ~112.5
This could mean a continuation of the bear market on BTC, this is because of the inverse correlation of DXY and BTC, when DXY goes up, BTC goes down. There is also many other bearish factors on BTC that point towards a continuation of the trend. Check up my new post for more information on bearish signs on BTC.
Thanks and if you have any questions on my analysis, feel free to ask!
First Price Target: ~104.1
Second Price Target: ~105.3
Third Price Target (likely won't get hit): ~112.5
This could mean a continuation of the bear market on BTC, this is because of the inverse correlation of DXY and BTC, when DXY goes up, BTC goes down. There is also many other bearish factors on BTC that point towards a continuation of the trend. Check up my new post for more information on bearish signs on BTC.
Thanks and if you have any questions on my analysis, feel free to ask!
Note
note that the yellow zone is a golden pocket from a very well respected fib that dates back to ~ Sep of 22', the red zone is a previous high where price dropped off.
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