The US dollar index is currently standing strong amidst the continuous economic pressure that the index faces frequently The index is currently printing a new development dubbed the Ichimoku Death Cross that could eventually impact the USD’s global resilience and stability. Let’s take a look at what this means for the US dollar in holistic terms.

Also Read: Currency: What To Expect From The US Dollar Today 

Ichimoku Death Cross: How Will The Dollar Fare?


Per Titans of Crypto, a new Ichimoku Death Cross has appeared in the US dollar index on the daily time frame. The notable analyst was quick to share the update by uploading a death cross-development chart hovering over the USD index on X. 

In traditional trading jargon, the Ichimoku indicator refers to the support, resistance, trend direction, and momentum that an asset may usually portray. Similarly, a death cross in trading denotes a pattern where an asset notes a significant decrease in its short-term moving price average. 

“The “death cross” is a market chart pattern reflecting recent price weakness. It refers to the drop of a short-term moving average. Meaning the average of recent closing prices for a stock. Or a stock index, commodity, or cryptocurrency over a set period of time—below a longer-term moving average.“

The appearance of the Ichimoku Death Cross on the US dollar index may have significant implications for its price. The USD index may note some volatility in the upcoming days spurred by multiple external forces, including rising geopolitical tensions and inflationary pressure. On the other hand, the appearance of this cross, signaling the fall of the USD, may otherwise prove fruitful for the alternatives of the US dollar. 

Per Titans of Crypto, this appearance may very well boost the prospects of the Bitcoin and cryptocurrency sectors, which may note a bullish surge in the coming weeks. 

#DXY Death Cross!

An Ichimoku death cross just printed for the Dollar index on the daily timeframe.

This could be very bullish for #Bitcoin #Altcoins and other risk assets.

— Titan of Crypto (@Washigorira) May 15, 2024

USD Wobbly; Bitcoin Aiming for $80K Price Mark

The new CPI data metrics have revealed that 3.4% of inflation is running amuck in the economic sphere. This building inflationary pressure is harming the US economy, with the consumer sentiment index portraying lower metrics around 67. This indicates that US citizens are not satisfied with their financial and corporate prospects, contributing to the gradual economic decay.

Also Read: Russia & India Settle $4 Billion Trade in Rupee, Ditch US Dollar

US consumer sentiment just dropped to its lowest level since November 2023.

The consumer sentiment index fell from 77.2 in April to 67.4 in May, well below expectations.

Americans’ expectations about the economy, personal finances, business, and buying conditions also plummeted…

— The Kobeissi Letter (@KobeissiLetter) May 13, 2024

At the same time, the de-dollarization narratives floated by Russia and China are further battering the US dollar to note volatility in its price. 

However, the bearish onset of the USD may pose lucrative opportunities for altcoins and risk assets sectors in particular. This development might be triggered by user sentiment shifting towards assets that provide solid returns during such stark times.

In this wake, several analysts are predicting Bitcoin to climb and breach the $80k mark. Experts added how leading technical indicators are supporting BTC’s impending price hike. This may catapult the token’s price to $80k in the near future. 

Bitcoin is still holding its bullish structure:

1. Rising channel support breakout
2. Rising channel retest
3. Bullish momentum

With this type of price action, $80k is very much on the table

— Game of Trades (@GameofTrades_) May 15, 2024


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