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    Home News Bitcoin News

    This US Dollar Fractal Predicts Bitcoin Is on the Verge of a Strong Surge

    Andy K by Andy K
    September 24, 2020
    in Bitcoin News
    Reading Time: 2min read
    10.6k 675
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    This US Dollar Fractal Predicts Bitcoin Is on the Verge of a Strong Surge
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    The common narrative shared over recent months is that Bitcoin is adversely affected by increases in the value of the U.S. dollar. Case in point: when the dollar began to spike in February and March, BTC began to tumble lower, as did the S&P 500 and the price of gold.

    More recently, when Bitcoin topped in August, the U.S. dollar was in the middle of a dead cat bounce.

    But over recent days and weeks, the two markets have begun to disconnect. Bitcoin has somewhat flatlined as the U.S. Dollar Index (DXY) has undergone a strong 1-2% bounce.



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    An analyst says that the ongoing disconnection between these two markets could be a sign that BTC is poised to surge higher.

    Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

    Bitcoin Rally Could Soon Come Despite U.S. Dollar Bounce

    While the U.S. dollar is moving higher, an analyst thinks that Bitcoin may be on the verge of a strong move higher.

    He shared the chart below on September 22nd. It shows that the last time the U.S. dollar showed strength and Bitcoin didn’t immediately dump, the cryptocurrency proceeded to surge parabolicly.

    Commenting on how this trend could mean BTC soon rallies, the trader said:

    “The $DXY is showing strength & $BTC isn’t dumping? Did we see this before? Yes, before the rally towards 20K in 2017. Same dollar value, same price action from both & same behaviour

    Read More From Original Source

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    Tags: bitcoinBTCUSDbtcusdtdxyu.s. dollarxbtusd
    Share5992Tweet3745
    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Andy's nickname in the office is 'Crypto Head' due to a small 'bitcoin' tattoo behind his left ear (now that's dedication to the industry)

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    Calls for Another Bitcoin Bull Run Grows as Its Open Interest Soars

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