DXY hitting resistance area & pullback (crypto rally?)
Looking at my DXY zones of likely corresponding crypto effects...
At this resistance area for the DXY, I would expect some kind of short to medium term pullback over the coming days or weeks.
This would likely correspond to some level of bounce in Bitcoin, which I'm also expecting once it falls down to the $22,200 level, creating what looks like a Bull-Flag setting up.
The big question is whether we do get a deeper crash, and see the DXY push above the 105.50 range which would likely push BTC to re-test the recent lows between 15.5k and 15.5k
A DXY push above 106 would likely see Bitcoin and total crypto market cap hitting new lows, and finally see the kind of capitulation we would like to see at a true market bottom.
Thoughts and comments welcome below.
At this resistance area for the DXY, I would expect some kind of short to medium term pullback over the coming days or weeks.
This would likely correspond to some level of bounce in Bitcoin, which I'm also expecting once it falls down to the $22,200 level, creating what looks like a Bull-Flag setting up.
The big question is whether we do get a deeper crash, and see the DXY push above the 105.50 range which would likely push BTC to re-test the recent lows between 15.5k and 15.5k
A DXY push above 106 would likely see Bitcoin and total crypto market cap hitting new lows, and finally see the kind of capitulation we would like to see at a true market bottom.
Thoughts and comments welcome below.
25-year investor & trader, bought 1st BTC at $20
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Pro Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Pro Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.