Watch Out! The DXY Is On The Rise
One important chart for traders to pay attention to is the DXY, or the Dollar Index. This is an index that shows the price of the dollar compared to a basket of other global currencies. In a nutshell, it measures the strength of the dollar.
What Does This Mean For Bitcoin
When the dollar goes up, most assets go down, when the dollar is down, assets are up. That’s basically the TLDR…
In the last few days we have seen a sharp decline in Bitcoin and the greater crypto markets. This generally happens when the dollar bounces. So that is why I like to have the DXY chart handy when I am trading Bitcoin so that I can see what the dollar is doing to give me some more information and confirmation on my trade decisions.
So basically I am waiting to see if this is just a bull trap in the DXY or if the trend continues before I decide my next trading moves.
Definitely not financial advice… Just a dude making a plan and sharing my thoughts on the subject.
Be Cool, Be Real, and always Abide!
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