Hello Traders! Well, it's all dollar today! The DXY went on a run this morning and hasn't looked back yet. This is acting like a wrecking ball for the crypto markets, especially, as well as parts of the traditional industry.
Most everything on my watchlist is down today against the dollar. This is not necessarily showing bullish strength, but showing the the dollar is still the safe haven asset that people run to, even though we know it's nothing but an over inflated ice cube that is melting away at break neck speed.
Instead of the dollar, I have retreated mostly to HBD for my trading funds as that is the safe place for now until things start to turn around. It's a good opportunity to try and add to that stack by earning more HBD by being involved in the community, so that when the BUY time comes, I will have more dry powder to throw at some HIVE and SWAP.BTC!
Even Gold and Silver are looking like a couple of altcoins, both breaking their bullish uptrends that have been happening this week...
Even the SPY is starting to show some serious topping patterns and bearish momentum as it sets up what is looking like a double top on the 1HR timeframe.
This is why it's extremely important for traders of any asset to pay attention to the DXY index and follow what the dollar is doing before jumping into trades. Remember that sitting in cash is always a viable trading position!
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Disclaimer: The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
