DXY Chart.
The US Dollar Index, also known as DXY, is used by traders seeking a measure of the value of USD against a basket of currencies used by US trade partners. The index will rise if the Dollar strengthens against these currencies and will fall if the Dollar weakens against these currencies.
IF DXY GETS STRONG THEN CRYPTO GETS WEAK
IF DXY GETS WEAK CRYPTO GETS STRONG
Now we can see DXY in a big rising wedge on the weekly frame. and hit its ascending resistance and currently rejecting.
also, we can see a big RSI bearish divergence in the weekly frame. if these bearish signs work then DXY will fall, and the crypto market will get stronger. This means people will use doller to buy stocks, crypto, and other currencies. we can't say it will directly affect the crypto market but it's a bullish sign for crypto if DXY gets weak.
The US Dollar Index, also known as DXY, is used by traders seeking a measure of the value of USD against a basket of currencies used by US trade partners. The index will rise if the Dollar strengthens against these currencies and will fall if the Dollar weakens against these currencies.
IF DXY GETS STRONG THEN CRYPTO GETS WEAK
IF DXY GETS WEAK CRYPTO GETS STRONG
Now we can see DXY in a big rising wedge on the weekly frame. and hit its ascending resistance and currently rejecting.
also, we can see a big RSI bearish divergence in the weekly frame. if these bearish signs work then DXY will fall, and the crypto market will get stronger. This means people will use doller to buy stocks, crypto, and other currencies. we can't say it will directly affect the crypto market but it's a bullish sign for crypto if DXY gets weak.
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