$DXY Breaking Major Support Means Major Bull Run in Crypto
The U.S. Dollar Currency Index is about to break a support level of 252 days.
This is a very big deal. For those who don't know why this is huge news for crypto and all other risk-on assets, look at this chart showing the almost perfect INVERSE relationship between Bitcoin and the U.S. Dollar Index since about 2014
On smaller timeframes this break is imminent. We've recently already broken the 250+ day support level to the downside, yet, as many technicians know: Any break of significant support or resistance is followed by a retest before the ultimate breakout.
Many wonder where the liquidity for a strong move up for Bitcoin will come from...it's obviously the Dollar losing relative strength, as always.
This is a very big deal. For those who don't know why this is huge news for crypto and all other risk-on assets, look at this chart showing the almost perfect INVERSE relationship between Bitcoin and the U.S. Dollar Index since about 2014
On smaller timeframes this break is imminent. We've recently already broken the 250+ day support level to the downside, yet, as many technicians know: Any break of significant support or resistance is followed by a retest before the ultimate breakout.
Many wonder where the liquidity for a strong move up for Bitcoin will come from...it's obviously the Dollar losing relative strength, as always.
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