Dollar Goes Down, Bitcoin Goes Up
Whenever the dollar drops we tend to get Bitcoin Rallys not all the time but there is a correlation to take a look and compare.
So when the dollar broke the 8/1 Gann ratio in June 2020 what preceded was one of the largest Bitcoin rally in history. As you can see once under the 8/1 Gann things drop pretty quickly.
Since the dollar's double bottom formation in January 2021 we can really say that Bitcoins 2021 has been a long accumulation of sorts as the dollar rallied. The dollar has been in this ascending channel since May 21 2021 and has broken the 8/1 Gann but now is the important part the retest of the 8/1 Gann if the dollar fails to hold the 8/1 Gann as support it gives a much higher probability of a Bitcoin Rally.
This time round the dollar failed to even touch the 0.618 showing more weakness then last time, lets see how things play out.
So when the dollar broke the 8/1 Gann ratio in June 2020 what preceded was one of the largest Bitcoin rally in history. As you can see once under the 8/1 Gann things drop pretty quickly.
Since the dollar's double bottom formation in January 2021 we can really say that Bitcoins 2021 has been a long accumulation of sorts as the dollar rallied. The dollar has been in this ascending channel since May 21 2021 and has broken the 8/1 Gann but now is the important part the retest of the 8/1 Gann if the dollar fails to hold the 8/1 Gann as support it gives a much higher probability of a Bitcoin Rally.
This time round the dollar failed to even touch the 0.618 showing more weakness then last time, lets see how things play out.
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