DXY Heading Lower Toward Bitcoin Rally Zone

18 Tem

The DXY is in a downtrending channel and despite today's small bounce based on MFG data, it's still looking like it will lose this key level in the coming days.

This brief cool-off period before the 23rd when the ETH ETF is schedule to start trading would make sense and with BTC retracing from the strong sell order blocks at 66k which I've been talking about for over a week.

The big question will be -- If BTC can break above the 5th attempt at the upper trendline resistance and close back above 72k and then a new new ATH over 74k.

THEN I'll be convinced we do head hither.

Until then, I recommend cautious optimism, taking profits along the way and being ready to get out of this market. The cycle low should be later in August, but we'll see.