Almost three weeks ago I did a post showing that a top in the dollar index may be at hand. The price bumped up against 104 and turned back. Since then it spent a week above 104, but now it's come down pretty hard from 105 to now under 103 in just the past few days. A very solid bearish engulfing patter is finally showing up on the weekly chart.
As laid out in my previous article the DXY is a pretty significant chart to watch, as most assets get a boost in valuation as the dollar falls. Will this mean a rally in stocks, cryptos, and commodities will follow? Odds say that it will. A rally that I will be selling into as I suspect there are still too many bulls in the markets and they need to get wiped out, just how things work. Lets not forget that sitting in cash waiting for opportunity is a position.
Here is the daily chart from a couple weeks ago that had me suspecting we were near a top, like usual, I was early but today's price action is very much confirming what I thought to be true.
What say you? Do we turn back higher and put more downward pressure on the outside markets, or is this the beginning of a sustained relief rally. Would love to know what you think, especially since Blurt is full of many highly intelligent people.
Hope you are all having a great day, and for some lighter material I also posted some photos from my trip to Prague Czech Republic. One of the most beautiful cities in the world. Hope you all are well :) From beautiful Thailand, -Dan "World Travel Pro!"
https://blurt.blog/blurt/@world-travel-pro/prague-a-living-museum
A worthy reminder = holding cash IS a position!
You know it! More money more problems....I've been telling @junglegirl since she met me. She's like; oh, now I see why all the foreign men look stressed out and miserable. hahaha
Also, keep in touch with Blurtconnect-ng family on Telegram and Whatsapp
I don't think there will be a form of rally in the markets very soon until the turmoil in Ukraine is over, I mean if Putin is defeated @world-travel-pro but at least BTC is holding which is why other altcoins are plunging down to 2019 levels.
So I am pessimistic about any form of markets as of now rallying, they are down for a reason and that reason should get solved first and then we rally everywhere. 😋 So it makes me have double thoughts if I would sell and anticipate a major series of dips or hold and hope that I would not die before seeing it had gone back up in the future, that is if the markets still exists in that future.
Thanks for taking the time to share your thoughts while you're still alive...I guess. Damn that is an intense reality you live my friend. Much respect for your bravery and what you deal with on a daily basis.
As far as the markets it's an extremely risky time. Even though I'm expecting a bear market rally, you very well may be right and the dollar turns back higher and the markets continue lower. Again diversification and risk management have not been this important in a long time.
Yes I got the bad chocolate from the box and will just be contented about it.
I'm still pessimistic about the market, the slump in the economy is caused by the war which is the major driver of these uncertainties in every aspect of our lives. @world-travel-pro
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I love to meet with you one day over a couple of cold beers and exchange some ideas about all this I love to learn more about crypto :)
I'm looking forward to it. @jugnlegirl and I will eventually be in your neck of the woods.
Awesome but you know I have relocated am now living in Jomtien beach moved here last weekend remember we were talking about me making that move well I did it I am going to do a post about it today but of course we will caught up some where...yeah !!
Ofcourse. Better to meet you there than Bangkok....for me. Glad you made the move. I think it was a good decision.
Yes, it's quite possible the dollar needs to pull back here.
Fuck the dollar, anyway.
"Lets not forget that sitting in cash waiting for opportunity is a position."
For people like myself, who are unbanked and have no connection between the crypto world and the legacy economy, how do we do that? I'm not really into stablecoins, which I assume would be one possibility. Is there anything else I could do, or do I just have to manage my crypto within the crypto world?
Yeah....that's a tricky concept. Being unbanked has never been on my radar. Not that I'm a fan of the banking institutions, but having a trading account give you access to everything from double inverse oil etfs to penny stocks, to options.
If you need to stay unbanked. I'm not sure. So how do you get cash out then? You much have some kind of crypto atm or something. Maybe not the best question to answer publicly.... hmmm. I guess stable coins, gold, and actual cash in hand may be your best option when looking to get on the sidelines. Honestly I could not imagine being all in crypto.
Diversification is so important and holding different cryptos is far from diversified as they are all just crypto at the end of the day. I'm so purposely diversified I should be able ride out anystorm. I've got money in different countries even, like Ecuador earning 9.5% insured.
Haha, nevermind. We're completely opposite in every possible way when it comes to finances, it's not even worth trying to explain my viewpoint or situation :P
Awesome!
I can't say a lot about all this, but I think it will be good if you share with us what you usually trade, so we may learn from you. Because counting only on crypto like me, maybe is not a solution at all. Maybe the way you trade can make many people enjoy their free lifestyle, like you do, and they will not be afraid to move from a country to another. At least it gives more confidence to travel, what me and my wife surely don't have.
Thanks Clicks! I'll keep this in mind. I'll say for starters, take portion of profits in anything risky and volatile ie. crypto and start a nice healthy safe stash of physical gold and silver with no third party risk. That will help you sleep better at night...at least it help me. If you can buy when the price has fallen like it has recently then all the better. As long term it will certainly be much higher and can not do a LUNA.
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Thank you guys so much! Really appreciate it! Hope you're all doing well :)