$DXY at Major Resistance
The USDXY is at two major resistance levels. An 80-day resistance and a 430-day resistance.
This is very important to understand a likely high timeframe trend for risk-on assets like cryptocurrencies because, as we all know, the
DXY is almost perfectly inversely correlated to Bitcoin and the cryptocurrency market.
Here are those resistance levels on a higher timeframe.
As you can see, these are legitimate trendlines, as price has respected them for a considerable amount of time.
On a smaller timeframe, theDXY is indeed overbought, and so I would expect a gap up at today's opening, followed by a significant move down.
This is very important to understand a likely high timeframe trend for risk-on assets like cryptocurrencies because, as we all know, the
DXY is almost perfectly inversely correlated to Bitcoin and the cryptocurrency market.Here are those resistance levels on a higher timeframe.
As you can see, these are legitimate trendlines, as price has respected them for a considerable amount of time.
On a smaller timeframe, the
DXY is indeed overbought, and so I would expect a gap up at today's opening, followed by a significant move down.
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