📈 DXY Hits 111.11 👆Followed by 113/14

Hello my fellow trader, financial market analyst, Cryptocurrency lover; readers and supporters, how are you feeling today?

Conclusion?
👉 The DXY is bullish!
(You know what this means?)

Let's read the chart together for learning purposes, fun and entertainment, or just to clear any doubts regarding my conclusion statement.

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Consider leaving a comment if you enjoy the content or if it resonates with you!
Even just a greeting or "Thank you!" will do! ... Let's get started!


➖ U.S. Dollar Index

All the action between November 2022 and April 2024 is a long consolidation phase within a major correction (bearish wave) & recovery phase (bullish wave).

— The major correction is the period between September 2022 and July 2023.
— The recovery phase is the period between July 2023 through April 2024.
— What follows is a new bullish impulse.

👉 Mixed within the correction and recovery phase —combined as a trading range— we have the consolidation phase and we now see the potential for a new bullish impulse; a strong move upward.

A bullish wave here can mean lots of thing for geopolitics and global finance (war), but we are focusing purely on technical analysis; the chart.

We are looking at the DXY on the weekly timeframe.

— Last week was a consolidation week (15-Apr).
— The week prior was part of a bullish followed up (8-Apr).

— We are now within a bullish move that started July 2023.
All technical indicators we use are green (RSI, MACD, MAs, candles, Renko, related markets, etc.). All chart signals are pointing up.

👉 The targets are set at 108, 111.11, 113 and 114.
The main support level on the way down is 104/3.

As long as the DXY trades above 104/3, this chart setup remains valid, its bullish potential.
If the DXY moves and closes below this level, the bullish potential is compromised.

👉 While the DXY is bullish, we continue bearish on Bitcoin.
While we consider each chart individually, we also take into consideration marketwide action for our analyzes.

👉 Bitcoin is going down; The DXY is going up.
The projection remains the same, a correction that can last for months.
This means that the DXY can go up for months...

We update the chart as it goes and as new information becomes available.

Thanks a lot for your continued support.

Namaste.

Comment:

The bullish wave continuation potential seems to be getting much stronger.
The chart is already bullish.
The index was already rising.

Current price action supports additional growth.
What will happen to those inversely related markets that we love?

A correction of course... And after the correction, a new dawn.

Namaste.