A new week presents new challenges for the Dollar as bears take control. Crypto bulls aren’t backing down as bulls respond to weeks of bearish pressure.
After failing to make a new higher high last week, the Dollar has found itself within arms-reach of 92.000. To start the trading week bears dove price back down to last week’s low near 92.500. If bears can break and close below this level, a quick selloff to 92.000 is expected and thus Dollar bearishness for this week.
After touching $30,000 momentarily, Bitcoin and many other popular cryptocurrencies are showing real signs of life. Bitcoin has made its way back to $40,000. A break and close above this level on the daily time frame can signal a reversal to the upside. Price action analysis also forecasts Ethereum reaching $2,500 by the end of the week.
This week’s fundamental schedule has at least one high impact a day besides today. Traders should have a good read on the major currency pairs as there will be CPI, GDP, and interest data being released this week.
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