DXY (USD Index)
DXY is a measure of the value of the US dollar against a basket of 6 major world currencies. If the DXY goes up, it means that the dollar is getting stronger.
Now DXY has broken the downtrend and is at the level of 104.17. This may indicate the growth of the US economy or a decrease in global risks.
📗Following targets are indicated on the chart with blue lines: 105.25 - 106.33 - 107.67
But how does this affect the crypto market?
First, a strong dollar may reduce investment in risky assets such as cryptocurrencies, as investors may prefer safer assets.
Secondly, with the growth of the dollar, the price of cryptocurrencies, expressed in dollars, may artificially decrease.
But remember that the cryptocurrency market is subject to its own laws and can sometimes ignore the classic laws of the financial market.
Stay connected and stay tuned!
If you like the idea, don't forget to subscribe and rate like👍
DXY is a measure of the value of the US dollar against a basket of 6 major world currencies. If the DXY goes up, it means that the dollar is getting stronger.
Now DXY has broken the downtrend and is at the level of 104.17. This may indicate the growth of the US economy or a decrease in global risks.
📗Following targets are indicated on the chart with blue lines: 105.25 - 106.33 - 107.67
But how does this affect the crypto market?
First, a strong dollar may reduce investment in risky assets such as cryptocurrencies, as investors may prefer safer assets.
Secondly, with the growth of the dollar, the price of cryptocurrencies, expressed in dollars, may artificially decrease.
But remember that the cryptocurrency market is subject to its own laws and can sometimes ignore the classic laws of the financial market.
Stay connected and stay tuned!
If you like the idea, don't forget to subscribe and rate like👍
Update
DXY is a measure of the value of the US dollar against a basket of 6 major world currencies. If the DXY rises, it means the dollar is getting stronger.
Now DXY has gained momentum and is at 106.347. This means that the US economy is growing. We were able to take the second target. Not as fast as I wanted, but that's how it is.
The next target is indicated on the chart by a blue line: 107.62
But how does this affect the crypto market?
When the dollar rises, the price of the crypt may artificially decrease.
In case of the latest updates, we will inform you as soon as possible in the channel.