US crypto market breaks historical pattern with Dollar Index hitting all-time lows, Shiba Inu faces resistance, Bitcoin forms double top pattern

From Investing.com

August 22, 2024 4:30:22 pm:

The U.S. cryptocurrency market has historically had a negative correlation with the Dollar Index (DXY). However, the current market shows a break in this pattern as the DXY hits all-time lows. Factors like market complexity, regulatory changes, and cautious investor sentiment may be driving this change.

Shiba Inu has hit a key resistance level at the 26-day EMA after breaking above a crucial support level at $0.000014. This marks a significant obstacle for SHIB to clear for potential future gains, as breaching this level could lead to a more sustained uptrend.

Bitcoin is showing signs of forming a local double top pattern around the $62,000 mark. This pattern typically indicates a bearish reversal, with two equal peaks suggesting a failure to overcome a key resistance level. Traders should be cautious as a break below the neckline of this pattern could lead to further selling pressure.

Read more at Investing.com: Why Isn’t Crypto Skyrocketing? Shiba Inu (SHIB) Finally Reaches Major Resistance, Is Bitcoin (BTC) Forming Double Top Pattern? By U.Today