Exhausted
DXY: Market OverviewThe leading indicator has already pointed out exhausted bullish. Technically talking we all can see dxy has extended a lot high due to some past week greenback power over most of its counterparts. Last week it was an almost risk-off market situation where safe haven did most well and the case dollar been dragging most of its counterpart creating some bullish momentum on dxy. The situation doesn't seem well for dxy bulls at this point when we saw a bearish engulfing candlestick pattern which indicating bearish momentum gradually increasing at the market. To consider properly we know how pound, euro, Aussie (mainly) and kiwi trying to lead over greenback at the moment and overall market risk sentiment changed when NY trader entered the market. I assume if the market player avoids risk aversion and gets nasty over chasing risky assets then counterparts of greenback may perform well especially those comdolls and which will eventually help dxy bears to drag the price further lower. Technically we can see stoch did hang around a couple of times in its overbought zone but finally it leaves the 80 zone!
Is the current upmove already exhausted?Today, Pivot point is at 8151. Below the Pivot point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.
The current upmove did not yet reach the target of 9000. However, is it already exhausted? Right now, the market price of BTCUSD is undecided and fluctuating around Pivot point.