As expected, the Dollar is set to continue the downtrend that was started at the end of March. While Forex pairs wait to start moving, Ethereum is ready to reach new highs.
Price action analysis completed yesterday indicated that the US Dollar Index (DXY) was ready for the next leg down. Earlier today, the price was able to close bearish below 92.00 and has fallen -0.22% as a result.
Many of the popular cryptos such as Bitcoin, Ethereum, and even Dogecoin are up this week. Ethereum buys seem the most appealing as the price was easily able to clear the all-time high today. Price action traders have entered long as the latest four-hour closure confirmed further upside movement.
Despite positive CPI data, the US Dollar had an opposite reaction as the price dove right after the release. With the daily closure expected to be a down candle, Dollar shorts seems to be the correct bias as of right now.
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- Read yesterday’s breakdown: Bearish Dollar + EURUSD and GBPUSD Longs
