Market Update:
Daily timeframe of dollar:
1)If dollar break above $104.4 and move up towards $104.7
2)If dollar break below $104 and drop down to $103.7
Daily Timefram of Equities :
1)If quities break above $5547 and move up towards $5570
2)If equities break below $5538 and drop down to $5518
Daily timeframe of bitcoin:
1)If btc break above $68.2k and move up towards $69k
2)If btc break below $67.6k and drop down to $66k
Daily timeframe of eth:
1)If eth break above $3500 and move up towards $3560
2)If eth get rejected at $3500 and drop down to $3420
The weekend exhibited a generally bullish trend for the crypto market, although it wasn't as strong as the previous weekend. Bitcoin and Ethereum have remained close to their Friday closing levels.This week is expected to be particularly eventful due to several significant news stories over the weekend and the upcoming PCE report on Friday. Firstly, Israel's bombing of Yemen could be perceived as an escalation of conflict, introducing potential uncertainty into the markets. Secondly, Biden's withdrawal from the presidential race and endorsement of Kamala Harris, while the Democratic nomination is still undecided, adds another layer of uncertainty. The market had been factoring in bullish expectations for a Trump presidency, so this development could cause some volatility. Lastly, the PCE report due on Friday is anticipated to show lower figures than last month for both PCE and Core PCE, which would be a positive indicator for the market.Navigating these factors is complex. I anticipate that there might be an early sell-off in today's session as traditional financial markets attempt to adjust to the new presidential race dynamics. If bullish trends persist into Tuesday or Wednesday, we could see a reversal and upward movement, provided there are no major disruptions in the Democratic nomination process. With Kamala Harris currently as the front runner, if her position remains stable this week, the markets are likely to adjust quickly to this new reality.
