DXY doing roller coaster dumps and pumps today. Very unclear what will be the direction for crypto within nearest hours.

@CryptoTrades #DXY #DollarIndex

DXY broke out towards 107.3 - if it will ever stop it is here. At least should re-test ~106.8 first

@CryptoTrades #DXY

DXY pumping 4th consequence day in a row. Now close to July 14th high.

1) If get rejected here it will form double top with retracement target 102 / 99
2) If breakout next will be ~111 (May'02 close), then ~116.4 (2001 close)

In simple words - second scenario postpone crypto/stocks markets bullishness for another 1-2 months at least.

@CryptoTrades #DXY

Zoom into DXY chart I posted yesterday. Dollar Index haven't yet pumped above July 14th high. That leaves a chance for double top structure. But Fa situation remains the same - feds will continue to increase rates and so DXY has all the reasons to continue the growth. Maybe not on that attempt, but sooner or later.

@CryptoTrades #DXY

Dollar Index have reached 111.814 which is right under May 2002 close. So far index growth exponentially and since Feds haven't finished with rate hikes yet (while EU sucks) we may assume that getting to May 2002 open at 115.23 ain't that unrealistic target for 2022 EOY.

On smaller timeframes that 111.9 can act as temporary resistance pushing DXY back down. Will that happen and how long it will take no one can tell. So far its just a standard reaction to strong bullish impulse.

@CryptoTrades #DXY

Keep in mind DXY chart. this one is high timeframe - quarter per candle. DXY hit FVG at ~113.5 but still has potential to grow higher to the main resistance zone around 116.5-119.5

4 days left till current Q candle close. And if it close the same way it look now we may expect at least a scam wick towards higher SR (even if it will be the last push). Which makes perfect sense since feds are going to hike rates by another 100-125 bps by the end of this year. Where do you think BTC price will be by the moment DXY reach that top?

@CryptoTrades #DXY

Dollar Index decided to breakout in the end.

@CryptoTrades #DXY

Situation at the moment

Dollar Index testing range high. Breakout above and we will see everything dump. Another rejection - and we see bullish weekend and probably bullish week ahead.

Whatever will be the result, Friday seem to be bearish for the market.

@CryptoTrades #DXY

Dollar Index still ranging although last pump and rejection gives it a chance to finally lose the momentum and return back to ~110.2 - for that it must find acceptance below 112. Before that possible re-test of ~113.13

@CryptoTrades #DXY

Dollar Index still under September close. So there is a chance it will be rejected and everything will pump 🙏🏼

@CryptoTrades #DXY

Ponzi fiat money going down 🤘🤘🤘

@CryptoTrades #DXY

Dollar Index pulled back to ~109.6-110 SR. Possible bounce back to 111.8 from here. If that happens BTC will pull back to 19.5-19.8k

If DXY continue the fall next support is at ~108.7

@CryptoTrades #DXY

DXY bouncing from ~109.6-110 SR - now at the first level of resistance at ~111. Potentially may breakout higher to 111.8 as I wrote before. In this case target zone for BTC remains the same at 19.5-19.8k

@CryptoTrades #DXY

So the situation on Friday close was the following. DXY bounced and got stopped at 111 resistance. From here possible target for pullback is 110.33 or lower into the zone around 109.9

Dollar Index haven't completely broken its uptrend, but it shows the signs so if it get rejected from 111.8-112 (once it get there), we may turn completely bullish on stocks/crypto.

@CryptoTrades #DXY

Dollar Index close to target zone at 111.8-112 ✅

Now everything depends on if it get rejected from this level or not. I think that this first re-visit of SR zone will be rejected and DXY pull back to ~111. That is short term. But reaction to interest rates hike is still an unpredictable factor.

@CryptoTrades #DXY

Dollar Index pulled back to ~111 SR ✅

Still time left till tomorrow's FOMC when DXY can pump back up. So the main question is if Bitcoin price will already include new rates hike by that moment or will be overpriced and has to go down.

Another important milestone is CPI on November 10th - not so far from today as well. Last time it hit all the markets really hard.

@CryptoTrades #DXY

Dollar Index pumped back to October close at ~111.58, but pulling back again. Eight hours till Interest Rates announcement. Better not enter anything at current levels and wait for volatility to buy the dips.

@CryptoTrades #DXY

US Dollar Index Analysis

#DXY

https://www.tradingview.com/x/Vy5ksn5e

Time Frame - Weekly

Dxy has been bearish at macro levels since forming that HH in Sep 2022. We have seen two relief Bounces in the meanwhile, one during Feb 2023, from 101 to 106 creating a Lower High at 106 and another Bounce in May due to double bottom structure but this Bounce doesn't seem adequate to take out previous LH at 106 and chart seems very bearish.

All that I can see is a Behemoth bear Flag in weekly time frame and Breaking 101 confirms the pattern. Expect it to break it in 2-6 weeks. If confirmed, Crypto & Stock market will sky rocket upwards.

PS:- upside breakout above 106$ will invalidate the pattern and things will go vice versa.

@CryptoTrades

#DXY UPDATE

https://www.tradingview.com/x/KAoZD09Q

Please refer to this DXY analysis from June 2nd where I called for breakdown of Bear Flag in 2-6 weeks time. Clearly it worked as anticipated. That time I Got DMs over that chart and I was called out for calling it bearish when many other influencers were clearly Bullish over it for no Valid reason.

Today bear flag on the $DXY I’ve called for 6 weeks ago has broken down. LL has been taken out and Price action is very bearish. This is safe haven For Risk Assets like Crypto & Stocks And add more confluence to confirmation that our macro market bottom is in.

Every Analysis and Forecast by this Channel from that point on has been Top notch and spot on.

Making a bold Claim yet again that It's #BuyTheDip market not #ShortTheBounce

In this Era where everyone claims to be Crypto expert, Choose your mentor wisely

@CryptoTrades