It is natural since the two are negatively correlated to see Bitcoin moving in the opposite direction of the DXY especially on the large timeframes. It is not a coincidence that when the DXY broke its Rising Support, Bitcoin followed with a break of its Falling Resistance. The DXY is leading the markets as it is absorbing the inflation news first.
What we do see from these charts though is that Bitcoin is lagging and its potential for further rise in relation to the USD is huge. Especially since the DXY's 1week MA200 us much lower while Bitcoin is attempting to break above it.
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What we do see from these charts though is that Bitcoin is lagging and its potential for further rise in relation to the USD is huge. Especially since the DXY's 1week MA200 us much lower while Bitcoin is attempting to break above it.
Follow us, like the idea and leave a comment below!!
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