⚡ The DXY has now reached the lower boundary of its long-term ascending channel, a historically significant technical zone where rebounds have occurred in the past.
💡 If this pattern holds, a strong rebound towards the 121 level on the DXY looks probable in the coming months.
What does this mean for BTC?
Historically, a strengthening USD has often resulted in a reciprocal effect on BTCUSD, leading to downward pressure on Bitcoin prices. The chart suggests that if the DXY rebounds as expected, BTCUSD could witness a significant decline proportionate to the USD's strength.
Key Takeaways:
✅ DXY at crucial technical support – rebound likely.
✅ Target for DXY: 121 zone.
✅ BTCUSD may face downside pressure as USD strengthens.
✅ MACD showing early signs of bullish reversal potential for DXY.
Note: This is a technical analysis-based view. Always use risk management and combine multiple factors before trading decisions. For Educational purpose only.
💬 What are your thoughts? Will the USD rally put pressure on Bitcoin again? Share below!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.