Bad news for crypto and stocks: DXY turning bullish
DXY // The dollar index is a good indicator for bullish or bearish momentum in stock and assets such as crypto. Very simple: a strong dollar or up trending dollar means a safe haven for investors; making gains while being in a very low risk investment. At this moment the DXy seems to be reversing upwards reversing from a short term bearish trend. It found nice support at previous highs and broke the first major resistance level; this could mean we will see more upside in the coming weeks (IF!) we break through the 4hr ribbon (red circled area above the current price) decisively. So this is your early warning, im not spreading fud just yet but with pi cycle cross coming in the next days on Bitcoin, a bullish DXY and a head and shoulders on the BTC chart; its time to pay attention. Especially for people that invested money they would need in the short term.
Crypto // with the alt mania (alt season) and the choppy price action on BTC I am more and more affraid of a (local) top. I did so already when we only imroved our last ATH by 1K or so... Lets see how things develop, I hope I'm wrong and BTC blasts to 70K next week which is definitely possible but no longer a guarantee.
SPX500 // stock markets look like a blow off top aswell; massive gains are made and havent really continued any major bullish moves today. That the DXY bounces so strongly indicates profit taking of institutional investors. In the end see it like this: they buy dollars; you never get paid or pay with dollars; people buy them off of you in return of an asset, commodity or service. Remember that, when people sell their crypto and stocks; they are buying dollars.
MACRO // I havent watched the any updates of the FED or economical policy of the USA but they seem to do well and are expecting growth. This might be good for assets / commodities but its also great for the dollar. If you have any further information or opinions, feel free to share them!
IMPORTANT: This is not investment advice, trade or invest at your own risk and research.
Crypto // with the alt mania (alt season) and the choppy price action on BTC I am more and more affraid of a (local) top. I did so already when we only imroved our last ATH by 1K or so... Lets see how things develop, I hope I'm wrong and BTC blasts to 70K next week which is definitely possible but no longer a guarantee.
SPX500 // stock markets look like a blow off top aswell; massive gains are made and havent really continued any major bullish moves today. That the DXY bounces so strongly indicates profit taking of institutional investors. In the end see it like this: they buy dollars; you never get paid or pay with dollars; people buy them off of you in return of an asset, commodity or service. Remember that, when people sell their crypto and stocks; they are buying dollars.
MACRO // I havent watched the any updates of the FED or economical policy of the USA but they seem to do well and are expecting growth. This might be good for assets / commodities but its also great for the dollar. If you have any further information or opinions, feel free to share them!
IMPORTANT: This is not investment advice, trade or invest at your own risk and research.
Comment:
DXY BREAKDOWN: this is why I post about DXY, even if I’m wrong I get reminded. Bullish time coming for stocks and crypto; especially bitcoin. Happy days!
Comment:
DXY UPDATE: another crash lst night and this BTC and crypto up! Lets see where she goes, we want the DXY to fall below the green support lines and close a daily below and set a downtrend. There are no fundamentals for a strong dollar (yet!), yields are down, stocks, gold, crypto is up and Euro is getting strength. Lets see what happens next week. Weekends are misleading, we will know more on Monday evening when the worldwide markets had a full trading day. That will point the direction of the markets. Lets be patient, crypto is looking bullish for next week!
Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
