DXY has been shown to have an inverse co-relationhsip with BTC. Normally, the chart formed as shown is a bear pennant and by extension, it is supposed to drop down lower.
But I don't think it will happen cos first, we've seen a move to the upside which has invalidated the chart pattern.
That thin broken yellow line as shown by the yellow arrow is a good resistance and if it gets tested again, DXY definitely will continue its journey upwards.
Also, looking at the High Time Frame of the chart (daily time frame) , one sees a bullish move, as evidenced by the fact that it is still far below the 200 EMA, which typically tells the general trend of the particular market being discussed.
However, nothing is guaranteed in the market. Anything can always happen. So I am leaving my opinion about this fluid, so I can react accordingly if it doesn't go as envisaged.
But I don't think it will happen cos first, we've seen a move to the upside which has invalidated the chart pattern.
That thin broken yellow line as shown by the yellow arrow is a good resistance and if it gets tested again, DXY definitely will continue its journey upwards.
Also, looking at the High Time Frame of the chart (daily time frame) , one sees a bullish move, as evidenced by the fact that it is still far below the 200 EMA, which typically tells the general trend of the particular market being discussed.
However, nothing is guaranteed in the market. Anything can always happen. So I am leaving my opinion about this fluid, so I can react accordingly if it doesn't go as envisaged.