Because Bitcoin trades inversely to the dollar, the ongoing rally in the DXY has also resulted in lower cryptocurrency valuations across the board.
According to the TD Sequential indicator created by market timing wizard Thomas Demark, the DXY monthly has perfected a series sell setup with a 9-count.
Two of the hottest topics at the recent Bitcoin conference were inflation, and the petrodollar’s dominance globally.
The petrodollar system means countries abroad must keep a supply of dollars on hand to trade oil in the global reserve currency.
While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.