To truly navigate BTC's complexities, one must first grasp the intricacies of DXY's movements.
The U.S. Dollar Index (DXY) is on the brink of completing a double top pattern, possibly reaching a higher high (HH). In September 2022, when DXY last peaked, BTC simultaneously hit a low near $16,000. This historical correlation suggests a strong likelihood that DXY will break out from its current consolidation phase and ascend to a higher high, establishing a double top.
When DXY begins to retreat, BTC is poised for its next substantial upward movement. This inverse relationship underscores the critical need to closely monitor DXY to accurately forecast BTC's trajectory.
The U.S. Dollar Index (DXY) is on the brink of completing a double top pattern, possibly reaching a higher high (HH). In September 2022, when DXY last peaked, BTC simultaneously hit a low near $16,000. This historical correlation suggests a strong likelihood that DXY will break out from its current consolidation phase and ascend to a higher high, establishing a double top.
When DXY begins to retreat, BTC is poised for its next substantial upward movement. This inverse relationship underscores the critical need to closely monitor DXY to accurately forecast BTC's trajectory.
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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.