The Dollar Continues To Roll Over and What That May Imply
Hey there my friends on Blurt! I was just having a look at some charts and I saw a few things that I found interesting and thought it would be fun to share. I've been keeping my eye closely on the dollar lately, watching it rise as most everything else has fallen.
Here is the weekly chart of the dollar. Note how it has run up into that triple top resistance in the 104 area and is now coming down. I've circled where I suspect it's heading in the next few weeks. Outside markets like stocks had a nice day yesterday, but are currently giving most of that back, but metals are still hanging in there while bitcoin is trying hold on to 29k.
Now lets see how this corresponds to the Nasdaq using the QQQ ETF. Looks like we are in a resistance zone, from a previous consolidation. With the dollar looking to head lower short term, I'd be looking to exit positions during this relief rally, just as just as Analyst Charles Nenner is calling for.
However with a million black swans hovering around, latest freaking the public out now is Monkey Pocks, you never know if fear takes over and just continues to drive the markets lower. But I'm not betting at that at this very moment. I suspect with the dollar falling we have a bit of wind at our backs and that goes for crypto too. But I don't think it will last very long.
