DXY - BTC - Inverse Correlation at HTF - New Bull Market Coming?
Background: Bitcoin/crypto bull markets previously rallied around declines in DXY on higher timeframes.
We are currently posting a possible rejection from this resistance originating nearly 20 years ago and confirmed again starting 5 years ago. At the moment Bitcoin is riding a weak support, but from here I anticipate either for a failed rally (wick) to the upside then dump, or a solid downtrend to continue given the current economic state of affairs.
In my opinion the inverse correlation between DXY and Bitcoin/Crypto is clearly on display in past cycles, so if I was a betting man, this year might be a spicy one for crypto.
We are currently posting a possible rejection from this resistance originating nearly 20 years ago and confirmed again starting 5 years ago. At the moment Bitcoin is riding a weak support, but from here I anticipate either for a failed rally (wick) to the upside then dump, or a solid downtrend to continue given the current economic state of affairs.
In my opinion the inverse correlation between DXY and Bitcoin/Crypto is clearly on display in past cycles, so if I was a betting man, this year might be a spicy one for crypto.