After a down summer, Bitcoin is looking to end summer on a bullish note. Meanwhile, a day before the NFP release, the Dollar is looking bearish despite positive forecasts.
Bitcoin has started September on a positive foot as the price looks to breach August’s high. Most of the losses faced by Bitcoin occurred during the early parts of the summer with prices going as low as 29,400. Since then, bulls have answered back and candlestick analysis shows momentum is only gaining on the higher time frames.
On the flip side, the Dollar is starting to struggle as the bullish uptrend of the summer starts to dwindle. During the London session, bears in the market were able to print a shooting star below 92.500. Today’s daily candle is also one of the most bearish candles in trading. The next target is the 92.000 psychological level.
The unemployment rate is expected to drop from 5.4% to 5.2% based on current forecasts. Technical analysis suggests the Dollar will continue being bearish the remainder of the week as a revisit to 92.000 feels inevitable.
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- Read our previous blog article: Dollar Dives on Poor ADP Report + Pending Long for GBPUSD