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Blocksmith Says: DXY Breakdown is a Crypto Catalyst

The markets are somewhat in stasis at the moment as the Dollar Index (DXY) skirts with a downtrend reversal break line around US$111.82. The expectation is for a breakdown into an 80-day cycle low in early November, potentially around US$108.5.

A move like this would reasonably lift crypto and to my mind DXY is the catalyst.

The chart shows where we are at in terms of the downswing continuation. Bitcoin and Ethereum are more or less unreadable in terms of technical analysis of the daily, 240 minute or 120 minute timeframes. Price is just wandering along sideways seemingly at random.

There are times to get busy with analysis and setting yourself up for opportunity and there are times to hang back and wait. I think this is the time is the latter.

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