Analyst: The bearish trend of the US dollar index may be a short trap
Coindesk analyst Omkar Godbole said that Bitcoin bulls are looking forward to the continuous weakening of the US dollar to inject upward momentum into the cryptocurrency market, but the technical chart shows the need to be cautious of the reversal signals of historical patterns - the US dollar index weekly chart is about to form a death cross, a traditional bearish pattern that has often become a signal of a temporary bottom for the US dollar since 2009. Omkar Godbole stated that although this ominously named pattern is usually seen as a long-term bearish signal, historical data shows that it is often a bear trap - since 2009, the pattern has appeared four times, each marking the bottom and trend reversal for the US dollar (as indicated by the vertical lines in the chart). The most recent occurrence was in January 2021, when the US dollar index bottomed near 90 and continued to rise, eventually reaching a high above 114 in September 2022. It is important to note that price patterns do not always develop as expected, and the imminent formation of a death cross may not necessarily trap bears again. However, understanding this historical pattern can help traders more effectively manage their positions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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