chart in front of us is the US Dollar Index (DXY) chart, which remains the primary driver of the entire cryptocurrency market.
As we can clearly see, the current correction is perfectly natural following the strong rally we’ve witnessed in Bitcoin.
We have a classic Flag Pattern forming according to traditional technical analysis. Additionally, from an Elliott Wave perspective, we are approaching the completion of a triple Wave C.
The overall bearish trend for Bitcoin is expected to begin with a downside move as soon as the US Dollar Index starts its rebound, with all targets clearly highlighted in green on the chart.
This is my current analysis on the US Dollar