Hey everyone... I'm going to keep this short as I'm actually at work right now 😅🤫.
For a while, BTC and the DXY were both gaining at the same time... On smaller timeframes that's ok but on bigger timeframes they usually move in opposite directions... I do believe the recent DXY gains have a lot to do with why BTC and the overall crypto market has dropped sharply! I am a bit curious as to WHY the DXY has been pumping as inflation rates are expected to go up quite a bit more than usual. The "composite man" is always behind the scenes manipulating the price, especially of cryptocurrencies. I personally have seen a lot of evidence of market manipulation in the crypto market and for me this "crash" seems normal and it will likely be the biggest "shake out" yet.
- WHAT THIS MEANS FOR BTC, AND THE CRYPTO MARKET? -
If the DXY has reached a resistance and heads lower to consolidate for a while, this should be a good thing for cryptocurrencies. Personally I'm not sure how the DXY will hold up with inflation expected to rise. It's the holiday season and people will be spending but you can't un-print Trillions of dollars that were already printed. We'll see how things play out.
Hope everyone doing well. Back to work I go. Take care.
**This is not financial advice. Always do your own research before investing or trading**
For a while, BTC and the DXY were both gaining at the same time... On smaller timeframes that's ok but on bigger timeframes they usually move in opposite directions... I do believe the recent DXY gains have a lot to do with why BTC and the overall crypto market has dropped sharply! I am a bit curious as to WHY the DXY has been pumping as inflation rates are expected to go up quite a bit more than usual. The "composite man" is always behind the scenes manipulating the price, especially of cryptocurrencies. I personally have seen a lot of evidence of market manipulation in the crypto market and for me this "crash" seems normal and it will likely be the biggest "shake out" yet.
- WHAT THIS MEANS FOR BTC, AND THE CRYPTO MARKET? -
If the DXY has reached a resistance and heads lower to consolidate for a while, this should be a good thing for cryptocurrencies. Personally I'm not sure how the DXY will hold up with inflation expected to rise. It's the holiday season and people will be spending but you can't un-print Trillions of dollars that were already printed. We'll see how things play out.
Hope everyone doing well. Back to work I go. Take care.
**This is not financial advice. Always do your own research before investing or trading**