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The DXY (US Dollar Index) just confirmed a Double-Top which is a very strong bearish indicator...when the DXY decreases, Crypto INCREASES!🚀
In addition to the Double-Top pattern, the RSI is in EXTREME over-bought territory which further validates a decrease in the DXY.
Why Is The DXY Important To Monitor?
Most major assets (stocks, oil, etc), including Bitcoin, Ethereum, etc are priced against the US Dollar. Hence, when the US Dollar goes down, everything priced in the dollar gets cheaper. For this reason, the DXY is one of the most macro indicators you can watch for the direction of Bitcoin, Ethereum and the crypto market.
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Namaste 🙏
The DXY (US Dollar Index) just confirmed a Double-Top which is a very strong bearish indicator...when the DXY decreases, Crypto INCREASES!🚀
In addition to the Double-Top pattern, the RSI is in EXTREME over-bought territory which further validates a decrease in the DXY.
Why Is The DXY Important To Monitor?
Most major assets (stocks, oil, etc), including Bitcoin, Ethereum, etc are priced against the US Dollar. Hence, when the US Dollar goes down, everything priced in the dollar gets cheaper. For this reason, the DXY is one of the most macro indicators you can watch for the direction of Bitcoin, Ethereum and the crypto market.
⭐ If you liked this content, please consider subscribing and giving it a Thumbs Up 👍. If you have any feedback or suggestions, please leave a comment below as I answer each comment.
Namaste 🙏
