Bitcoin continues its bullish rally as the price met May’s high yesterday. Ethereum is starting to gain momentum too as the price aims to reach this year’s high of $4,400.
Price has been bullish for Bitcoin for much of this week as the price recently completed a retracement and rejection on the daily time frame. Yesterday’s daily bullish hammer led the price to May’s high of $58,600. A break of this level could have the price on a clear path to $64,500.
While Bitcoin gets most of the attention in the crypto market, Ethereum deserves its dues too. Price has pushed above $3,800 for the first time since August. The bullish price action on the weekly and monthly time frames suggests the next target for bulls is $4,400.
The Dollar continues to be in a slumber as bears take control once again despite the bullish trend on the higher time frames. Despite positive CPI data, bulls can’t seem to edge past the bears. This could lead to both commodities and cryptos edging higher against the Dollar.
For more Forex content like this:
- Sign up to become a Pro Tradergold
- Join our Discord server and chat with us
- Book a Demo with us to get a full tour
- See our Pro Trader Membership Pricing plans
- Read our previous blog article: CADCHF Swing Trade in Profit + Bitcoin to $70,000?
