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The dollar index, DXY, has been trading bearish for nearly 10 months. This has allowed both the stock- and the crypto market to rise substantially during 2023.
However, the DXY has broken out through the bearish resistance, making way for more gains. Consequentially, stocks and crypto have started going down. In my eyes, this is the start of a switch in trend. With September historically a bad month for trading, it fits my short-term bearish bias of BTC revisiting the 20k area again.
Furthermore, we can expect altcoins to lose even more value than BTC. The Bitcoin dominance is looking very bullish, as per my recent dominance analysis below.
Long-term, I'm still bullish on Bitcoin. We're due a correction after a great first half of the year, since pre-halving years are always 50/50 red and green.
Are you bearish or bullish? Share your thoughts in the comments 🙏
The dollar index, DXY, has been trading bearish for nearly 10 months. This has allowed both the stock- and the crypto market to rise substantially during 2023.
However, the DXY has broken out through the bearish resistance, making way for more gains. Consequentially, stocks and crypto have started going down. In my eyes, this is the start of a switch in trend. With September historically a bad month for trading, it fits my short-term bearish bias of BTC revisiting the 20k area again.
Furthermore, we can expect altcoins to lose even more value than BTC. The Bitcoin dominance is looking very bullish, as per my recent dominance analysis below.
Long-term, I'm still bullish on Bitcoin. We're due a correction after a great first half of the year, since pre-halving years are always 50/50 red and green.
Are you bearish or bullish? Share your thoughts in the comments 🙏
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