Stocks and oil are up this week but crypto is down. Can a recovery on the DXY drive us even lower?
Crypto total market capitalization weekly chart. Source: TradingViewstands just above the $1.20 trillion level, which is getting uncomfortably close to the critical $1 trillion zone.Light crude futures continue to rise and could complete an implied close near 14-year highs, levels not seen since late July 2008. From April 11 to June 3, oil has already gained more than 20% and rests just below the $120 level.
A strong technical bounce of the weekly Tenkan-Sen saw the DXY bounce more than +1%, but most of those gains have been lost. The DXY could drop lower to the critical 100 level near the weekly Kijun-Sen, but the hidden bullish divergence between the chart and the composite index may prevent further downside pressure.
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