US Dollar Index (DXY)
The US dollar is ripping higher once again today. It seems no matter what kind of weakness we see in the short term, the USD wants to move higher.
With that in mind, I think it’s time to anticipate that move into 98-99. I’ve discussed it as a possibility, but it seems more likely given this week’s action.
That 98-99 area is the 2011 trend line resistance. A retest there might be what it’s going to take to see the DXY weaken into 2022.
I probably sound like a broken record, but we shouldn’t expect BTC to make any meaningful bullish moves while the DXY is this strong.
