Market Snapshot – BTC Prices Continue to Struggle, US Stocks Rise

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Updated: May 14, 2018, 13:54 UTC

The prices continued to remain weak in the crypto market

BTC Prices Struggle

BTC prices continued to struggle to make any kind of a comeback after their fall towards the end of last week. The prices and the markets continued to trade in a weak manner and it is likely that this is set to continue in the short term. The bulls would be hoping to hold the support region around $8000 and if that happens, that could begin to attract some bottom trawlers but if the support does not hold in the short term, then we could be looking much lower.

The BCH fork is also looming ahead and this could be one of the reasons why the traders and the investors are not in a mood to splurge as yet. It is also advisable for the traders to watch the price action in a close manner before deciding on which way they would want to trade during this period. It would be even better to have the funds firmly in their pocket and wait for specific signals that the market is going to move in a specific direction before they start buying or selling.

Gold Prices Buoyant

Gold prices continued to trade in a buoyant manner as the situation in the Middle East continues to remain on the boil. Also, the dollar seems to be on the backfoot at the moment all across the markets and this has been helping the gold prices to move ahead in a slow and steady manner. US futures opened higher on Monday as China-US tensions eased.

We continue to believe that the weakness in the dollar is only a correction of the strength that we had seen in the dollar over the last couple of weeks and hence this bullishness in the gold prices could be reversed at any point of time, or so we believe. If that happens, we should see the gold prices back in their support region in quite a quick manner.

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.