DXY (US DOLLAR INDEX) AT THE SUPPORT.
Welcome members to this important update on DXY in 2 hours timeframe.
I am posting this chart on DXY because one of my members mentioned DXY in the comments section and I thought of sharing it with all of you. So, if you guys have queries about any particular coins to tokens then do let me know. I will be more than happy to help.
Well, coming back to the chart. The DXY looks pretty interesting here and I guess you all should know about this. BTC and DXY are correlated with each other. Since the beginning of Bitcoin's trading, one can notice a negative correlation between the BTC price with the DXY. If the DXY price falls, BTC rises – and vice versa. It is similar to USDT dominance when we compare it with BTC but the chart of USDT dominance and DXY is completely different.
Ok, so, here's the current status of DXY. DXY has been forming a bearish rising wedge pattern (correct me if I am wrong) and the current price is at the bottom trendline which means either it will bounce from here or break down. We may possibly see one more bounce towards the upper trendline but can't expect much volume and eventually a rejection towards the lower trendline. The RSI is falling weak which is another sign indicating DXY to be bearish. So, the confirmation point will be the lower trendline and that will be the key area to look into.
What do you think about the US Dollar Index?
Share your views in the comments.
Like and follow for more interesting updates.
Thank you and trade safely.
I am posting this chart on DXY because one of my members mentioned DXY in the comments section and I thought of sharing it with all of you. So, if you guys have queries about any particular coins to tokens then do let me know. I will be more than happy to help.
Well, coming back to the chart. The DXY looks pretty interesting here and I guess you all should know about this. BTC and DXY are correlated with each other. Since the beginning of Bitcoin's trading, one can notice a negative correlation between the BTC price with the DXY. If the DXY price falls, BTC rises – and vice versa. It is similar to USDT dominance when we compare it with BTC but the chart of USDT dominance and DXY is completely different.
Ok, so, here's the current status of DXY. DXY has been forming a bearish rising wedge pattern (correct me if I am wrong) and the current price is at the bottom trendline which means either it will bounce from here or break down. We may possibly see one more bounce towards the upper trendline but can't expect much volume and eventually a rejection towards the lower trendline. The RSI is falling weak which is another sign indicating DXY to be bearish. So, the confirmation point will be the lower trendline and that will be the key area to look into.
What do you think about the US Dollar Index?
Share your views in the comments.
Like and follow for more interesting updates.
Thank you and trade safely.
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