Dollar losing strength? Correlation with Bitcoin
This is the Dollar dominance chart in the cryptocurrency world.
It has an inverse correlation to Bitcoin and other cryptocurrencies that are not stable coins:
The dominance index is exiting the bullish purple channel.
However, it is still above the red support region.
The scenario will be bullish if this dominance does not return to the purple channel, and break the red zone downwards.
If the scenario worsens, it will go back inside the channel and can test the top of 06/18/2022.
Which translates, conversely, to the bottom of the Bitcoin price could be retested.
In DXY, which measures the strength of the Dollar against other FIAT currencies, we have an ascending broadening wedge, the "megaphone" pattern.
To break this uptrend the index needs to first break the purple support region, and then break the lower wedge line downwards.
It has an inverse correlation to Bitcoin and other cryptocurrencies that are not stable coins:
The dominance index is exiting the bullish purple channel.
However, it is still above the red support region.
The scenario will be bullish if this dominance does not return to the purple channel, and break the red zone downwards.
If the scenario worsens, it will go back inside the channel and can test the top of 06/18/2022.
Which translates, conversely, to the bottom of the Bitcoin price could be retested.
In DXY, which measures the strength of the Dollar against other FIAT currencies, we have an ascending broadening wedge, the "megaphone" pattern.
To break this uptrend the index needs to first break the purple support region, and then break the lower wedge line downwards.
To contribute to my work:
⚡Bitcoin Lightning: forwardocean64@walletofsatoshi.com
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⚡Bitcoin Lightning: forwardocean64@walletofsatoshi.com
🟠Bitcoin: bc1qv0j28wjsg6l8fdkphkmgfz4f55xpph893q0pdh
🔵PayPal: paypal.com/donate/?hosted_button_id=D9KRKY5HMSL9S
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