US Dollar Index (DXY) analysis:
Recently you have seen or heard a lot about DXY and its impact on the market. So what is US Dollar Index (DXY)
The US Dollar Index is used to measure the value of the dollar against a basket of six world currencies - Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona. That means if DXY goes up the other currency value goes down and vice-versa.
Bitcoin is also inversely related to US Dollar Index (DXY) means if DXY goes up then BTC and crypto market price dumps and if DXY goes down then BTC and crypto market price pumps.
DXY formed a double bottom on the weekly chart and now almost completed the pattern. The major resistance for DXY is 94.785 and if DXY breaks above this resistance then we see a heavy sell-off (dump) in the crypto market. Although this is weekly major resistance so we expecting a reversal from this resistance that gives some space for BTC and crypto market rally. Keep an eye on DXY. The next 2 weeks are very crucial for BTC.
Recently you have seen or heard a lot about DXY and its impact on the market. So what is US Dollar Index (DXY)
The US Dollar Index is used to measure the value of the dollar against a basket of six world currencies - Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona. That means if DXY goes up the other currency value goes down and vice-versa.
Bitcoin is also inversely related to US Dollar Index (DXY) means if DXY goes up then BTC and crypto market price dumps and if DXY goes down then BTC and crypto market price pumps.
DXY formed a double bottom on the weekly chart and now almost completed the pattern. The major resistance for DXY is 94.785 and if DXY breaks above this resistance then we see a heavy sell-off (dump) in the crypto market. Although this is weekly major resistance so we expecting a reversal from this resistance that gives some space for BTC and crypto market rally. Keep an eye on DXY. The next 2 weeks are very crucial for BTC.