ðĨ Dollar Making New Highs: Bad Omen For BitcoinðĻ
After a couple of weeks on bearish price action the DXY (dollar index) is on the move again. The DXY is currently seeing a massive bullish bounce after a successful retest of the bottom support.
Consequently, BTC has lost the immediate uptrend and is currently fighting to not fall below the blue support.
If the DXY will form a double top and move back down, BTC will continue to trade inside the blue bear-flag pattern. If DXY will make new highs, expect BTC to fall through the support and potentially make new lows. Since the trend is your friend, the latter is more likely.
If you're wondering why the DXY is so important for Bitcoin / Crypto and Stocks, please check out my older posts below for a complete overview.
Consequently, BTC has lost the immediate uptrend and is currently fighting to not fall below the blue support.
If the DXY will form a double top and move back down, BTC will continue to trade inside the blue bear-flag pattern. If DXY will make new highs, expect BTC to fall through the support and potentially make new lows. Since the trend is your friend, the latter is more likely.
If you're wondering why the DXY is so important for Bitcoin / Crypto and Stocks, please check out my older posts below for a complete overview.
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