The USDXY is at two major resistance levels. An 80-day resistance and a 430-day resistance.
This is very important to understand a likely high timeframe trend for risk-on assets like cryptocurrencies because, as we all know, the
DXY is almost perfectly inversely correlated to Bitcoin and the cryptocurrency market.
Here are those resistance levels on a higher timeframe.
As you can see, these are legitimate trendlines, as price has respected them for a considerable amount of time.
On a smaller timeframe, theDXY is indeed overbought, and so I would expect a gap up at today's opening, followed by a significant move down.
This is very important to understand a likely high timeframe trend for risk-on assets like cryptocurrencies because, as we all know, the
DXY is almost perfectly inversely correlated to Bitcoin and the cryptocurrency market.Here are those resistance levels on a higher timeframe.
As you can see, these are legitimate trendlines, as price has respected them for a considerable amount of time.
On a smaller timeframe, the
DXY is indeed overbought, and so I would expect a gap up at today's opening, followed by a significant move down.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.