🔥 The Dollar Breaking Out Of 15-Year Channel: Bad News!
アップデート済
Over the last couple of months we've been looking at the DXY (the dollar index) extensively. In noted on multiple occasions that the dollar is inversely correlated to stock- and crypto market performance.
If you want to know why the DXY is so important, please see the analysis below for a complete breakdown.
With the stock market responding quite bearish to yesterday's FOMC meeting, it was to be expected that the dollar would go up in value. Furthermore, the DXY is currently on the verge of breaking out of a 15-year bullish channel.
Only bad things can happen when we successfully break out of the channel above. Stocks will most likely make new lows and I would argue that BTC would make them as well at some point. Time will tell.
For now, as long as BTC is trading below the 20-week SMA I don't have any reason to be bullish. The 20-week SMA is currently around 21k, so keep an eye on that level.
If you want to know why the DXY is so important, please see the analysis below for a complete breakdown.
With the stock market responding quite bearish to yesterday's FOMC meeting, it was to be expected that the dollar would go up in value. Furthermore, the DXY is currently on the verge of breaking out of a 15-year bullish channel.
Only bad things can happen when we successfully break out of the channel above. Stocks will most likely make new lows and I would argue that BTC would make them as well at some point. Time will tell.
For now, as long as BTC is trading below the 20-week SMA I don't have any reason to be bullish. The 20-week SMA is currently around 21k, so keep an eye on that level.
ノート
DXY reversed again. Keep an eye on the 15-year channel.
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