$DXY - strong few weeks inbound?
DXY acts in an almost direct opposite relationship with BTC - DXY down, BTC up
Example: DXY uptrend from bottom of SR zone/falling wedge 6/7th Jan, BTC 42K top 8th Jan and moves into downtrend
Falling wedge broke and has now successfullly retested on the 1D chart - hold above 90.6 and DXY looks pretty bullish
This won't last for long though, couple weeks maybe, due to macro fall out of a bear flag 1M chart, and too much USD printing in the FED
But this is cause for concern for your crypto portfolios where they may have a stinky time
USDXXX pairs could be pretty bullish on the FX charts
Makes me tempted to get into tether in crypto, if 90.6 holds and top of BTC range can't be flipped to support! And enter bigger dips for when DXY downtrend continues!
Let's see....
Example: DXY uptrend from bottom of SR zone/falling wedge 6/7th Jan, BTC 42K top 8th Jan and moves into downtrend
Falling wedge broke and has now successfullly retested on the 1D chart - hold above 90.6 and DXY looks pretty bullish
This won't last for long though, couple weeks maybe, due to macro fall out of a bear flag 1M chart, and too much USD printing in the FED
But this is cause for concern for your crypto portfolios where they may have a stinky time
USDXXX pairs could be pretty bullish on the FX charts
Makes me tempted to get into tether in crypto, if 90.6 holds and top of BTC range can't be flipped to support! And enter bigger dips for when DXY downtrend continues!
Let's see....
Fundamentals > technicals here
Downtrend down to 88.7 looks likely now!