🔥 Dollar Index Rising: Bad News For Crypto
Around a month ago I made an analysis on the Dollar index (DXY). Here I argued that there was more short-term pain to come and that another bull-cycle might start in case the DXY will fall further.
After a short intermission between 97 and 99 points, the DXY saw a strong bullish break out. That means that investors are flocking towards the US dollar in fear of further uncertainty in the stock and crypto markets. These renewed fears are fueled by uncertainty about the FED interest rate hikes mainly.
As far as I'm concerned, we're going to see more bearish pressure in the coming weeks. Not sure whether we're going to see another bearish move from BTC, but I doubt that we're going to see 50k any time soon as long as the DXY is rising.
Happy trading!
After a short intermission between 97 and 99 points, the DXY saw a strong bullish break out. That means that investors are flocking towards the US dollar in fear of further uncertainty in the stock and crypto markets. These renewed fears are fueled by uncertainty about the FED interest rate hikes mainly.
As far as I'm concerned, we're going to see more bearish pressure in the coming weeks. Not sure whether we're going to see another bearish move from BTC, but I doubt that we're going to see 50k any time soon as long as the DXY is rising.
Happy trading!
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