Bitcoin Prices Rush Higher
The star of the day has been bitcoin as its prices have shot through the all time highs and also through the psychological mark of $5000 and now trade close to the $5200 region. We have been warning of this move for the past few days and had said that it is likely to be sooner rather than later. Now that the prices have pushed through towards $5200 and met with some resistance there, we expect a bit of consolidation which is unlikely to last long. The next target is likely to be $5500 and that is likely to witness some greater selling than the $5200 region.
Dollar Under Pressure
The dollar has been under pressure over the last 24 hours as the FOMC minutes turned out to be more dovish than what was expected. The market was expecting the minutes to outline the time when the next rate hike could be expected but one of these details were there in the minutes. This turned out to be a disappointment for the bulls who have given up on the dollar for the short term and hence the dollar has been on the backfoot ever since the release of the news. We expect this choppy kind of trading on the back of the weakness in the dollar to continue for the short term as the market awaits further signals from the US.
This article was originally posted on FX Empire
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