This Has the Power to bring the BULL MARKET BACK!
Here we won't be just discussing about what ma'am Nirmala Sitharaman said but analyze the DXY which stands for Dollar Currency Index, not just for the past week, month, or year but the price movement it did in the past 2 decades. From those times I expect that we are very close to a bull market.
In the past few months, or years you say, there has been a serious decline in the Indian currency INR against the USD. By 2014, the price of 1 USD was equal to 62 INR approximately whereas now it has reached 82 INR per USD. In response to this, she said this statement shared above. I feel it can be represented like this as well,
If our team loses a match
As per her, We did not lose the match but the other team won.
INR/USD
This is the Indian rupee against the US Dollar and as you can see what's happening since 2011. after some recovery from the 2008 Crash, INR never sees a bounce again and probably never will. yes, being an Indian I have to say, what is going on with our rupee I do not think it is going to do anything good at least against USD that is why I am in support of BTC rather than INR. Inflations are climbing faster than a monkey on a tree and when all of this happens, we get a response similar to...
We are not in bad condition, others are in good condition. Like what?!
Anyways getting back to the point, see right now in my opinion, it is very hard fundamentally for Rupee to recover but technically it can, and not just the rupee alone but GBP (British Sterling Pound) as well which we will be talking about in a later post soon. Right now from 2011, INR is trapped in a falling wedge which is a bullish pattern theoretically if we have a successful breakout from the chart, it seems that the breakout possibility is very high and yes it is not just caused by this triangle but due to DXY resistance are approaching as well.
If the breakout happens, most probably there would be a drop in DXY as well and all of you might be knowing that dropping DXY does not just mean a dropping of USD power but it creates bullishness in the market with other country currencies also pushing up, for example, take our beloved crypto father, BITCOIN. Bitcoin works opposite to DXY. When bitcoin did make its all-time high, DXY was at a very low level whereas when bitcoin did make a bottom in the previous bear market then DXY was at its local peak. This is a simple common example of repelling effect which sits between bitcoin and DXY. This also tells you the influence and power DXY has on the market.
DXY
The DOLLAR CURRENCY INDEX
From the year 2009, we can see that a rising wedge pattern has been forming in DXY and we are at a resistance of that level as you know that rising wedge is a bearish pattern and technically aiming at a bearish movement in the DXY at least from the current chart for the next 2 years. This is if DXY drops from here confirming its resistance which I feel has a very high probability as of now because the pattern looks super strong.
If we take thought the say DXY does not drop from here and instead gives a breakout then? No worries, we have the year 2003 high sitting there which could be one of the strongest resistance ever you could see in the market (sounds fictional because it is lol).
THIS CAN BRING THE BULL MARKET NOW.
What I shared above? When DXY drops, Bitcoin pumps, and when DXY pumps, Bitcoin drops. What is the situation here?
DXY Can drop so bitcoin _____?
PUMPS
And again, this is not a weekly chart or a daily chart but rather a monthly chart and that is why I am confident about a Bull run point if you check my previous posts you will never find me saying this but as of now after analyzing DXY like this I have hope right now for bullishness.
But again do not think that you would be seeing the result of this analysis anytime soon although, a bearish month for DXY could result in a bullish month for Bitcoin and therefore for Hive and Leo as well for a longer and stronger market for upside movement, we need to wait for at least 6 months. And even if DXY breaks the wedge's upper resistance then no worries as earlier said, 2003's high is still standing strong.
Thank you for going through my post and I hope that you must have attained value from it. Everything shared is not any financial advice and just sharing my personal thoughts and the things I said as well. Rest. Have fun with an enjoyable rest of your day ahead!
SANJAM