💾 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: snapshot

- 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: snapshot
DXY higher highs: snapshot

If the inverse relation to Crypto is true, this would match perfectly with the upcoming Bitcoin's bull market.

Namaste.
Bitcoin (Cryptocurrency)Chart PatternscryptoCryptocurrencydollardollarindexDXYTechnical IndicatorsTrend Analysis

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