🔥 Bitcoin & The Dollar: New Bull Cycle or More Downside?
Updated
A couple of weeks ago I made an analysis on the DXY, the dollar index. Here I argued that the dollar was very likely to rise more, but that a strong resistance was near. Remember that a weakening dollar means that investors are willing to take more risks, which is bullish for crypto and stocks.
As of today, the DXY has reached the resistance. If we see another huge fall from this area we could very well see another strong bullish time ahead for crypto and stocks.
However, we're not trading in normal market conditions at the moment, so chances are that we're not going to see a bearish move from DXY in the near future.
Keep an eye on this index. Wait for proper confirmation of either a bullish break out or a bearish reversal and adjust your trading style accordingly.
As of today, the DXY has reached the resistance. If we see another huge fall from this area we could very well see another strong bullish time ahead for crypto and stocks.
However, we're not trading in normal market conditions at the moment, so chances are that we're not going to see a bearish move from DXY in the near future.
Keep an eye on this index. Wait for proper confirmation of either a bullish break out or a bearish reversal and adjust your trading style accordingly.
Note
Edit: the white line chart's dotted purple resistance doesn't exactly hit the top on the line chart. It does connect to the top on the normal candle chart, hence why it's hovering above it.
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