After a dominant showing last week, the US Dollar Index (DXY) opens up the week with serious pressure applied by the bears. On the other hand, crypto markets continue to see major shorts as cryptos go on to make new lows.
After a slow start to last week, the Dollar finished the last three trading days with a strong bull run to make a new quarterly high at 92.400. Today, the Dollar is down 0.50% as bears were able to push price back to last week’s higher low at 91.800. Bulls should make an appearance at this level and in turn take the price higher to make a new higher high.
After a few attempts by bulls to create another rally, the Crypto markets seem to be in control by the bears. Bitcoin has made another push below $33,000 and the price is expected to make a run for $30,000. If this level were to break, we could see major shorts for the rest of the cryptos as well. Doge for example, has already fallen considerably as the price has reached 20 cents.
With the Dollar starting a new uptrend and the Crypto market already assuming a bearish stance, it could be possible for further losses to occur in the Crypto markets. Meaning, traders may want to start eyeing shorts for certain cryptos instead of the traditional longs.
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