Dan LeMan
Dan LeMan 3 minutes reading from Bitcoin

DXY Update: Cryptos/Cryptos At RESISTANCE

DXY Update Daily TF Sept 14 In my FREE Discord post yesterday morning @ 7:43AM BEFORE CPI was announced(

I stated that the cryptos/stocks were at RESISTANCE while the DXY was @ the 50SMA SUPPORT.

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This was one of the reasons why I anticipated BAD news from the CPI data.

Not much has changed at this point. I said last week that I thought we'd test the topside resistance on DXY @ 111 - 112 sometime around the FED FOMC meeting & rate raise Sept 21.

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Now that we know inflation is still running hot, the FED has reason to go for an oversized rate raise, which would be mega bullish on the DXY & obvs bearish for risk-on assets. If you do one thing, stop listening to emotionally driven hype!

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Anyone telling you that the DXY looks bearish or that the FED isn't going to use this opportunity to go for a big hike is NOT looking at the charts at all. I scrolled through Twitter all day on the 12th & all I saw was people spreading rumors about inflation coming down!

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I then looked at the charts, which looked toppy AF , and was honestly shocked...

So what's my point? Next week we're going to do a DEEP DIVE into the charts ahead of the FED meeting. "Show me the charts, I'll tell you the news."

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Make sure to get into my Discord before then, as sometimes I only post there, especially if I'm busy trading & in a rush! By using the charts, we can take some of the gambling out of this game and be as objective as possible.

Stay tuned!

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This post is based on this twitter thread.

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