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Dollar Faces Bearish Pressure + Crypto Bulls Respond


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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Moris Akline
About author

Speculative operations in the foreign exchange and stock market. Work with futures and indices on CME. Work on FORTS and RTS. Development of portfolios and investment strategies for clients. Knowledge of technical (price charts of various types, indicators and oscillators, trends, channels, support / resistance levels) and fundamental analysis, take note of news. I work according to my trading strategy in compliance with the rules of capital management and risk management. Development of trust management strategies. Technique of order execution, placing and changing protective stop-losses, hedging.
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