The US dollar is one of the strongest currencies today, supported by solid US labor market data and further boosted by rising oil prices. In response to this macro backdrop, both silver and Bitcoin are trading under clear pressure. Bitcoin has slipped below $67,000, while silver has pulled back to $87 per ounce after testing levels above $90 per ounce yesterday for the first time since early February. EUR/USD is down nearly 0.3%.
Bitcoin, Silver (D1)
Silver once again reacted with declines after testing the technically significant $90–91 per ounce area from a price action perspective. A stronger bearish impulse could push prices below the 50-day EMA (orange line) and, in an extreme scenario, even suggest a retest of $70 per ounce. On the other hand, reclaiming the $90 level is currently the key task for the bulls.
Source: xStation5
Following recent declines, Bitcoin is consolidating within a narrow range between $60,000 and $70,000. Yesterday’s test of the upper boundary of this consolidation range ended in a victory for sellers, highlighting the structural weakness of the crypto market.
Source: xStation5
EUR/USD (H1)
The euro-dollar pair resumed a strong downward impulse today, falling to 1.1775 from 1.1827 seen yesterday.
Source: xStation5
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