After spending most of the week (except for Wednesday) stuck in a slumber, the US Dollar has woken up on the last trading day of the week. Meanwhile, the crypto markets are showing signs of bullishness after a slow start to May.
The daily downtrend was just too much for the Dollar to overcome. Despite an exceptional CPI release, Dollar bears have once again taken control. This is why it was key for bulls to close bullish above 90.900. Otherwise, this week’s price action was simply creating a new lower high before the price ultimately goes down for a new low.
Despite Elon Musk’s recent comments about Bitcoin, the crypto market is looking to attempt another bull run. Bitcoin bulls are looking to keep the price above 50,000 in hopes of retesting 60,000 and the all-time high. Ethereum was able to close bullish back above 4,000, which should pave the way for a run to 5,000.
It has been two consecutive Fridays during which the Dollar has completed a significant move. This may be an annoyance to traders, but at least trades can be entered and held into the following week. It’s now time for Dollar bears to continue their bearish pressure to provide more suitable long-term trade opportunities.
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- Read yesterday’s breakdown: Dollar Stuck Below 90.850 + Bitcoin Lies Below 50,000
