Coin

<div class="dailyhodl"> 
 <p>A popular crypto trader says that the US Dollar Index (DXY) is on the verge of a major dip after a multi-month rally.</p> 
 <p>Pseudonymous analyst Bluntz tells his 224,800 followers on the social media platform X that the DXY may resume a downward trend after completing a key Elliott Wave theory pattern.</p> 
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 <p>The DXY is a measure of the value of the US dollar against a basket of six major currencies. Traders keep a close watch on the DXY as a weak index suggests that investors are favoring risk assets like stocks and crypto over the dollar.</p> 
 <p>Says Bluntz,</p> 
 <p><em>“I think DXY is probably close to topping out again and continuing a major decline. An ABC move correcting the clearly impulsive Q4 2022 decline is probably close to finishing. Just need to sweep those range highs which might take up to a month and then I think it’s all over again for the dollar.”</em></p> 
 <figure style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="css-9pa8cd" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F5yqeWLb0AA-L0O?format=jpg&amp;name=large" alt="Image" width="1636" height="1719">
  <figcaption class="wp-caption-text">
   Source: Bluntz/X
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 </figure> 
 <p>An ABC correction, which is part of the Elliott Wave theory, is a three-wave move in the opposite direction of the trend. In this case, Bluntz thinks the DXY’s strength since July was a correction upward in its longer-term downtrend. The trader’s chart appears to show the DXY declining to 95 by early 2024.</p> 
 <p>Bluntz’s DXY call appears to line up with his previous prediction&nbsp;that Bitcoin (BTC) would soon conclude an ABC corrective pattern to the downside and resume an upward trend.</p> 
 <p>The trader is also warning of a “savage” collapse for Binance Coin (BNB), which he says is on the verge of losing key support as it retests the $205 level. He previously predicted that BNB would dip toward $192.</p> 
 <figure style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="css-9pa8cd" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F5yimyMasAAGs-q?format=jpg&amp;name=large" alt="Image" width="1921" height="1713">
  <figcaption class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
 </figure> 
 <p>BNB is trading for $211 at time of writing, up 2.8% in the past 24 hours.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/top-analyst-says-major-decline-coming-for-us-dollar-index-updates-outlook-on-binance-coin-bnb-tbt62644.html">https://thebittimes.com/top-analyst-says-major-decline-coming-for-us-dollar-index-updates-outlook-on-binance-coin-bnb-tbt62644.html</a></p>

Top Analyst Says ‘Major Decline’ Coming for US Dollar Index, Updates Outlook on Binance Coin (BNB)

TheBitTimes

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