DXY Breaking Down Below Key Support = Crypto Rally
As we know, the DXY has an inverse relationship to BTC and the overall crypto markets.
The DXY is now dropping down below key support in the 103 region, and looks like it will head lower to 101 or below.
If this continues, that's good for a continuation in the rally in BTC and the broader markets.
However, if it holds here and pushes higher into the 106-108 range, that would likely coincide with a pullback and and additional retests of support in crypto.
A stronger push higher to the 110-114 levels would likely coincide with new lower lows in BTC and crypto, likely along with further contagion news such as GBTC liquidating some or all of its BTC holdings to prop up the failing Digital Currency Group and / or fallout from the Genesis bankruptcy and Gemini's exposure to that.
What do you think? Comment below.
The DXY is now dropping down below key support in the 103 region, and looks like it will head lower to 101 or below.
If this continues, that's good for a continuation in the rally in BTC and the broader markets.
However, if it holds here and pushes higher into the 106-108 range, that would likely coincide with a pullback and and additional retests of support in crypto.
A stronger push higher to the 110-114 levels would likely coincide with new lower lows in BTC and crypto, likely along with further contagion news such as GBTC liquidating some or all of its BTC holdings to prop up the failing Digital Currency Group and / or fallout from the Genesis bankruptcy and Gemini's exposure to that.
What do you think? Comment below.
25-year investor & trader, bought 1st BTC at $20
More information:
Moonstream Crypto: moonstream.io
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Trading Signals: CryptoMastery.org/pro
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moonstream.io/work-with-me
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
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