💾 U.S. Dollar Index & Bitcoin/Cryptocurrency
Inverse correlation to Bitcoin.
When this drops, Bitcoin goes up or so people say but it works at least on the short-term.
The U.S. Dollar Index (DXY)
Here we have some mixed signals in the short-term, which is the same I noticed with some of the charts I shared yesterday.
Short-term, very short as in the 1H, 4H and Daily timeframe, I see a potential bounce taking place but very weak.
A potential for a bounce but the overall technicals are bearish.
That's the mixed part, the fact that a bounce (up) can develop.
Long-term, as in the Weekly and Monthly timeframes, the signals are clear. Bearish.
- Last week session closed as a full red candle; third week red in a row.
- This was a rejection of EMA10, EMA21 and EMA50, the weekly DXY now trades below all these levels.
- The RSI is below 50 as well on the weekly timeframe.
- Lower highs since September 2022.
- Trading above EMA100 which is working as support. The current sideways action is sort of a distribution phase... See the chart:
- Last month the DXY closed above EMA10 followed by a rejection this one, so trading back below this level.
- Bearish divergence with the RSI, since March 2015.
RSI lower highs:
DXY higher highs:
If the inverse relation to Crypto is true, this would match perfectly with the upcoming Bitcoin's bull market.
Namaste.
When this drops, Bitcoin goes up or so people say but it works at least on the short-term.
The U.S. Dollar Index (DXY)
Here we have some mixed signals in the short-term, which is the same I noticed with some of the charts I shared yesterday.
Short-term, very short as in the 1H, 4H and Daily timeframe, I see a potential bounce taking place but very weak.
A potential for a bounce but the overall technicals are bearish.
That's the mixed part, the fact that a bounce (up) can develop.
Long-term, as in the Weekly and Monthly timeframes, the signals are clear. Bearish.
- Last week session closed as a full red candle; third week red in a row.
- This was a rejection of EMA10, EMA21 and EMA50, the weekly DXY now trades below all these levels.
- The RSI is below 50 as well on the weekly timeframe.
- Lower highs since September 2022.
- Trading above EMA100 which is working as support. The current sideways action is sort of a distribution phase... See the chart:
- Last month the DXY closed above EMA10 followed by a rejection this one, so trading back below this level.
- Bearish divergence with the RSI, since March 2015.
RSI lower highs:
DXY higher highs:
If the inverse relation to Crypto is true, this would match perfectly with the upcoming Bitcoin's bull market.
Namaste.
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🔝 Cryptocurrency Technical Analysis
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lamatrades.com (Since 2017)
🏆 Results: t.me/alansantana1111/5935
🥇XRP +1950 🥇ADA +2216% 🥇AVA +536% 🥇AAVE +417%
t.me/alansantanatrades/971
🔝 Cryptocurrency Technical Analysis
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