Late April I made an analysis on the Dollar Index (DXY). In that analysis I argued that the DXY had a huge impact on the price of Bitcoin and crypto in general.
Since then, the DXY has risen further and Bitcoin's price fell from $39k to $29k. However, there might finally be a light at the end of the tunnel.
If you look back at the DXY's history, you see that it trends very strongly. We either go up very hard or down very hard. Furthermore, the DXY has been severely overbought on the weekly RSI, and is currently seeing the biggest correction we've seen in a very long time.
If the bearish move continues, we can expect further bullish price action for the crypto and stock markets.
Since then, the DXY has risen further and Bitcoin's price fell from $39k to $29k. However, there might finally be a light at the end of the tunnel.
If you look back at the DXY's history, you see that it trends very strongly. We either go up very hard or down very hard. Furthermore, the DXY has been severely overbought on the weekly RSI, and is currently seeing the biggest correction we've seen in a very long time.
If the bearish move continues, we can expect further bullish price action for the crypto and stock markets.
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