The Dollar is looking to revisit the key 90.00 psychological level as bears take control once again. In comparison, the crypto market is also shifting into a bear phase as Bitcoin drops below 45,000 for the first time in months.
After last week’s brief rally, the US Dollar Index is looking to head back down to last week’s low. This low was created at the 90.00 psychological level which was also a support in the previous months. If bears can break and close bearish below this level, the price could make its way to 88.75.
Despite what looked like a potential bull phase on Friday, many cryptos are edging to new quarterly lows. Bitcoin is below 45,000 for the first time since February and bears could push price lower if they can close below 40,000. Ethereum is also back below 3,500 after creating an all-time high last week.
With the Dollar set to make new lows and the crypto market potentially shifting bearish, traders will most likely be looking for shorts. On the flipside, traders can look to long certain commodities such as Gold and Crude.
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- Read yesterday’s breakdown: Dollar Bears are Back, Bitcoin and Ethereum Longs Entered
