Bitcoin vs Dollar Index... Looking Bearish.
I certainly hope I'm wrong.
But if you look at the Dollar index vs. Bitcoin for the past 6 years, the relationship is astounding. It is almost a PERFECT INVERSE relationship. I know I'm definitely not the only one who has noticed this but I never examined the chart in this detail.
The 2nd point I realized is that, when DXY is ranging, unfortunately BTC takes a dive down.
I consider myself a daytrader so I am fully away how the crypto market reacts at different price actions and pivotal points but on a macro scale it feels like the top is in. Again I don't want to be right about this by any means. So I welcome other experts who do long term investing to tell me I'm wrong.
But if you are a day trader like me, I hope this chart was a reminder to take your head out of the minute charts and look at this.
But if you look at the Dollar index vs. Bitcoin for the past 6 years, the relationship is astounding. It is almost a PERFECT INVERSE relationship. I know I'm definitely not the only one who has noticed this but I never examined the chart in this detail.
The 2nd point I realized is that, when DXY is ranging, unfortunately BTC takes a dive down.
I consider myself a daytrader so I am fully away how the crypto market reacts at different price actions and pivotal points but on a macro scale it feels like the top is in. Again I don't want to be right about this by any means. So I welcome other experts who do long term investing to tell me I'm wrong.
But if you are a day trader like me, I hope this chart was a reminder to take your head out of the minute charts and look at this.
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