The dollar dxy in correction as expected after marking highs almost a month ago is still in correction.
The important thing today is that it is breaking an important support and is allowing bitcoin to continue to rise.
Almost a month ago I analyzed the inverse correlation between US dollar and bitcoin
This is the link
Where it showed the inversely correlated between Bitcoin and US dollar, which means that when the dollar goes up, Bitcoin goes down, and vice versa.
Returning to US dollar
This line had served as support and resistance on previous dates.
It is important that today's closing candle ends below support and confirms the breakout tomorrow
At the next support it coincides with the 50-period MA line.
If the correction continues, it is good news for Bitcoin and Alcoins.
What do you think?
For your vote or comment, thank you
READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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