{"id":436899,"date":"2020-09-01T20:00:30","date_gmt":"2020-09-01T20:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=436899"},"modified":"2024-06-11T14:15:50","modified_gmt":"2024-06-11T14:15:50","slug":"bitcoin-metals-equities-dollar","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-metals-equities-dollar\/","title":{"rendered":"Bitcoin, Metals, And Equities \u201cWill Fly\u201d If Dollar Downtend Deepens"},"content":{"rendered":"

The dollar’s impact on markets in 2020 cannot be overstated. Its weakness and decline in the face of the pandemic<\/a> and a dwindling US economy, has allowed assets like Bitcoin, precious metals, and equities to surge.<\/p>\n

However, the DXY Dollar Currency Index just closed a monthly candle below an over decade-long trend line dating back to the United States’ exit from the Great Recession. And it could mean more downside ahead.<\/p>\n

DXY Loses Trend Line Dating Back To Great Recession<\/h2>\n

All global financial markets are tied to the United States dollar in some way. As the global reserve currency<\/a> and the primary asset that all exchange rates are set against, it can have a dramatic impact on all assets.<\/p>\n

Related Reading | Why The Dollar\u2019s Coming Dead Cat Bounce Could Be Devastating For Bitcoin<\/a><\/strong><\/em><\/p>\n

A mad dash into the dollar on Black Thursday is what prompted the catastrophic market collapse that took Bitcoin back down to $3,800 and crushed the stock market.<\/p>\n

Since then, however, the dollar has been on a steady downtrend and nearly all other assets have revisited highs<\/a> or set new records. Analysts are warning that the dollar’s debasement claims are over-exaggerated, and are expecting a bounce soon<\/a>.<\/p>\n

\"dxy<\/p>\n

DXY Dollar Currency Index Monthly Trend Line | Source: TradingView<\/a><\/pre>\n
But the DXY Dollar Currency Index, a basket of top forex currencies weighted against USD, just closed a monthly candle below an over decade-long trend line that could suggest the fall of the almighty dollar has only just begun. If this is true, “Bitcoin, metals, and equities will fly.<\/a>”<\/p>\n
\"dxy<\/p>\n
DXY Dollar Currency Index Bear Market Fractal | Source: TradingView<\/a><\/pre>\n
Bitcoin Could Rip Toward A New All-Time High If Dollar Bear Flag Confirms<\/h2>\n
As if losing the trend line wasn’t dangerous enough for the dollar’s reign, the greenback also appears to be following in an ominous fractal that hints at a much deeper crash and another bear market in the dollar.<\/p>\n
Related Reading | What Does The Dollar\u2019s Do Or Die Moment Say About Bitcoin?<\/a><\/strong><\/em><\/p>\n
A bear market in the dollar could mean a bull market in several other assets, including Bitcoin<\/a> and cryptocurrencies.<\/p>\n
\"dxy<\/p>\n
DXY Dollar Currency Index Bear Flag Fractal | Source: TradingView<\/a><\/pre>\n
The fractal on DXY price action also follows a textbook bear flag pattern, complete with a long flagpole and an upward slanted parallel channel.<\/p>\n
After the bottom trend line breaks down from a bear flag<\/a>, selling picks up in severity and drives the asset’s price to new lows. The bottom trend line of the bear flag is the same trend line dating back to when the US came out of the Great Recession.<\/p>\n
The economic recovery meant the dollar began to boom again. At the same time, however, Bitcoin was born.<\/p>\n
Comparing the long-term price action of the DXY with Bitcoin shows how a fall in the dollar could send the cryptocurrency much higher. The last significant fall in the greenback led to Bitcoin’s $20,000 top \u2013 could this next drop create yet another crypto bubble?<\/p>\n
\"\"<\/p>\n
DXY Dollar Currency Index Bitcoin BTCUSD Comparison Chart | Source: TradingView<\/a><\/pre>\n
A 15 point fall from roughly 103 to 88 on the index took Bitcoin from under $1,000 to $20,000. The bear flag target on the DXY lies at roughly 64 points by measuring the length of the flag pole.<\/p>\n","protected":false},"excerpt":{"rendered":"
The dollar’s impact on markets in 2020 cannot be overstated. Its weakness and decline in the face of the pandemic and a dwindling US economy, has allowed assets like Bitcoin, precious metals, and equities to surge. However, the DXY Dollar Currency Index just closed a monthly candle below an over decade-long trend line dating back to the United States’ exit from the Great Recession. And it could mean more downside ahead. DXY Loses Trend Line Dating Back To Great Recession All global financial markets are tied to the United States dollar in some way. As the global reserve currency and the primary asset that all exchange rates are set against, it can have a dramatic impact on all assets. Related Reading | Why The Dollar\u2019s Coming Dead Cat Bounce Could Be Devastating For Bitcoin A mad dash into the dollar on Black Thursday is what prompted the catastrophic market collapse that took Bitcoin back down to $3,800 and crushed the stock market. Since then, however, the dollar has been on a steady downtrend and nearly all other assets have revisited highs or set new records. Analysts are warning that the dollar’s debasement claims are over-exaggerated, and are expecting a bounce soon. DXY Dollar Currency Index Monthly Trend Line | Source: TradingView But the DXY Dollar Currency Index, a basket of top forex currencies weighted against USD, just closed a monthly candle below an over decade-long trend line that could suggest the fall of the almighty dollar has only just begun. If this is true, “Bitcoin, metals, and equities will fly.” DXY Dollar Currency Index Bear Market Fractal | Source: TradingView Bitcoin Could Rip Toward A New All-Time High If Dollar Bear Flag Confirms As if losing the trend line wasn’t dangerous enough for the dollar’s reign, the greenback also appears to be following in an ominous fractal that hints at a much deeper crash and another bear market in the dollar. Related Reading | What Does The Dollar\u2019s Do Or Die Moment Say About Bitcoin? A bear market in the dollar could mean a bull market in several other assets, including Bitcoin and cryptocurrencies. DXY Dollar Currency Index Bear Flag Fractal | Source: TradingView The fractal on DXY price action also follows a textbook bear flag pattern, complete with a long flagpole and an upward slanted parallel channel. After the bottom trend line breaks down from a bear flag, selling picks up in severity and drives the asset’s price to new lows. The bottom trend line of the bear flag is the same trend line dating back to when the US came out of the Great Recession. The economic recovery meant the dollar began to boom again. At the same time, however, Bitcoin was born. Comparing the long-term price action of the DXY with Bitcoin shows how a fall in the dollar could send the cryptocurrency much higher. The last significant fall in the greenback led to Bitcoin’s $20,000 top \u2013 could this next drop create yet another crypto bubble? DXY Dollar Currency Index Bitcoin BTCUSD Comparison Chart | Source: TradingView A 15 point fall from roughly 103 to 88 on the index took Bitcoin from under $1,000 to $20,000. The bear flag target on the DXY lies at roughly 64 points by measuring the length of the flag pole.<\/p>\n","protected":false},"author":517,"featured_media":436907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,1232,6664,1817,79522,4287,4324,4524,76835],"class_list":["post-436899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-cash","tag-crypto","tag-dollar","tag-dxy","tag-united-states","tag-usd","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin, Metals, And Equities \u201cWill Fly\u201d If Dollar Downtend Deepens<\/title>\n<meta name=\"description\" content=\"The decline in the face of the pandemic and a dwindling US economy, has 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin, Metals, And Equities \u201cWill Fly\u201d If Dollar Downtend Deepens","url":"http:\/\/wncen.com\/news\/bitcoin-metals-equities-dollar\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-metals-equities-dollar\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-stocks-gold-metals-crypto-dollar-usd-dxy-Depositphotos_190329536_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-stocks-gold-metals-crypto-dollar-usd-dxy-Depositphotos_190329536_xl-2015-scaled.jpg?fit=2560%2C1707"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","cash","crypto","dollar","dxy","united states","usd","xbt","xbtusd"],"dateCreated":"2020-09-01T20:00:30Z","datePublished":"2020-09-01T20:00:30Z","dateModified":"2024-06-11T14:15:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin, Metals, And Equities \\u201cWill Fly\\u201d If Dollar Downtend Deepens\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-metals-equities-dollar\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-metals-equities-dollar\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-stocks-gold-metals-crypto-dollar-usd-dxy-Depositphotos_190329536_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-stocks-gold-metals-crypto-dollar-usd-dxy-Depositphotos_190329536_xl-2015-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"cash\",\"crypto\",\"dollar\",\"dxy\",\"united states\",\"usd\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-09-01T20:00:30Z\",\"datePublished\":\"2020-09-01T20:00:30Z\",\"dateModified\":\"2024-06-11T14:15:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-stocks-gold-metals-crypto-dollar-usd-dxy-Depositphotos_190329536_xl-2015-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436899"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=436899"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436907"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}