๐ฅ The Dollar Is Falling: Is This The Bitcoin Bottom?
Recently I made an analysis on the Dollar Index (DXY) where I discussed the fact that it was likely to see more bullishness in the dollar. My targets for a potential reversal were either the top purple resistance of the channel or the yellow resistance area.
As of this week, we've seen a massive reversal from the top resistance of the channel. This would indicate that there's a possibility that the bottom is in and that BTC will not see another sell-off in the near future.
It's still too early to tell if the bottom is in, but the fact that the dollar is seeing such a big downwards move from said resistance is definitely a big point for the bulls.
Consequently, if the DXY would move all the way down towards the bottom support of the channel we will very likely see a big bullish move in stocks and crypto.
As of this week, we've seen a massive reversal from the top resistance of the channel. This would indicate that there's a possibility that the bottom is in and that BTC will not see another sell-off in the near future.
It's still too early to tell if the bottom is in, but the fact that the dollar is seeing such a big downwards move from said resistance is definitely a big point for the bulls.
Consequently, if the DXY would move all the way down towards the bottom support of the channel we will very likely see a big bullish move in stocks and crypto.
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