The Dollar is stuck in a range between 90.850 and 91.400 and the price has attempted several times to push higher but has not been successful. Meanwhile, many of the popular cryptos are extending to new all-time highs.
After retesting 91.400 for the third time in the month of April, the US Dollar Index is stuck playing ping pong between the range low and high. In instances like this, traders should wait for a clear back of either the high or low to confirm a bias for the Dollar. Otherwise, trading through consolidation can be quite tricky.
Although the Dollar is stuck in a rut, many cryptos such as Doge and Ethereum are advancing to new highs. After clearing the 0.50 psychological level, Doge was able to reach a new of 0.60. Ethereum has also made a new all-time high at 3530. Traders should look for a pullback before longing in case that’s the direction they want to take.
During times like where the Dollar is in a funk, many majors move unpredictably and to a less degree, the minors as well. Price action and smart money analysis can also be used in the crypto market as both strategies can accurately speculate price movement.
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