DXY Heading Lower Toward Bitcoin Rally Zone

The DXY is in a downtrending channel and despite today's small bounce based on MFG data, it's still looking like it will lose this key level in the coming days.

This brief cool-off period before the 23rd when the ETH ETF is schedule to start trading would make sense and with BTC retracing from the strong sell order blocks at $66k which I've been talking about for over a week.

The big question will be -- If BTC can break above the 5th attempt at the upper trendline resistance and close back above $72k and then a new new ATH over $74k.

THEN I'll be convinced we do head hither.

Until then, I recommend cautious optimism, taking profits along the way and being ready to get out of this market. The cycle low should be later in August, but we'll see.