DXY bearish pennant breakdown
Great news for BTC as the DXY pulls a breakdown from a bearish top pennant.
Fundi is speculating a short move on the DXY and increasing gains by going LONG on BTC.
These 2 assets have shown a clear negative correlation relationship for some time and I don't expect it to stop now, this also could be very good for gold another inflation hedge, but still clearly out beaten by BTC for the ultimate hedge against inflation.
The downside of the DXY could be several weeks, however with stimulus set to end soon and FED already talking rate hikes we could soon see the DXY rise again towards these times.
Fundi is speculating a short move on the DXY and increasing gains by going LONG on BTC.
These 2 assets have shown a clear negative correlation relationship for some time and I don't expect it to stop now, this also could be very good for gold another inflation hedge, but still clearly out beaten by BTC for the ultimate hedge against inflation.
The downside of the DXY could be several weeks, however with stimulus set to end soon and FED already talking rate hikes we could soon see the DXY rise again towards these times.
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