As can be seen on date comparison between Bitcoin and DXY index, when markets need US Dollar liquidity, Bitcoin is one of the favorite assets to sell just like March 2020 crash.
Hence, it is better to check DXY to observe power of US Dollar to be able to forecast Bitcoin price.
When we check old dated highs and dips of Bitcoin price it has an inverse correlation with the power of US Dollar and it seems like USD is still the king.
According to this chart, i think DXY needs one more push upside to complete its ascending wedge and 5th wave. It is hard to predict exact value of index and should be observed in low time frames.
This means we may see another liquidity issue and sell pressure on assets to provide more Dollar and i believe that next BRRRRR operation will be much bigger all around the world and that will give us what all of us have been waiting for : New All High Times.
When we consider Bitcoin Dominance chart we can assume that some good alts will outperform.
Hence, it is better to check DXY to observe power of US Dollar to be able to forecast Bitcoin price.
When we check old dated highs and dips of Bitcoin price it has an inverse correlation with the power of US Dollar and it seems like USD is still the king.
According to this chart, i think DXY needs one more push upside to complete its ascending wedge and 5th wave. It is hard to predict exact value of index and should be observed in low time frames.
This means we may see another liquidity issue and sell pressure on assets to provide more Dollar and i believe that next BRRRRR operation will be much bigger all around the world and that will give us what all of us have been waiting for : New All High Times.
When we consider Bitcoin Dominance chart we can assume that some good alts will outperform.
