US Dollar Weakness Is Driving Higher Bitcoin And Ethereum Prices

The recent higher valuations for Bitcoin and other crypto currencies like Ethereum have been driven by US dollar weakness. The US dollar appears to be at the beginning of a crash, which could mean much higher crypto prices over the coming months.

Below is a comparison of the Bitcoin chart and the US dollar index (all charts are from tradingview.com):

The top one is for Bitcoin and the bottom one is the US Dollar index. Notice how closely the important Bitcoin breakout (at around $1300) was followed by a US dollar index breakdown. Since the breakout, the Bitcoin price has continued much higher, while the US dollar index is lower.

The same can be said for Ethereum – see the following chart:

Ethereum has made a nice bottom at the end of 2016, while the US dollar index was topping.

These higher prices are likely to continue as the US dollar breaks down further.

Below is a slightly longer-term chart for Bitcoin vs the US dollar index:

Bitcoin has made a nice rounding bottom as indicated in red. This bodes well for much higher prices over the coming months. Despite any possible corrections, Bitcoin appears to be in a blow-off rally, and prices could be expected to go to new all-time highs.

Note that this is not financial advice and I am not responsible for you trading decisions – do your own due diligence.

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My previous articles:

https://steemit.com/gold/@hgmsilvergold/the-greatest-transfer-of-wealth-what-you-need-to-know

https://steemit.com/silver/@hgmsilvergold/if-you-are-a-silver-and-gold-stacker-this-is-for-you