Market Snapshot – Crypto Markets Looking Bullish

Commodities Cooling Off

The stock markets and the commodity markets have been taking it cooler over the last couple of days or so. The commodity market, which had been on a roll till recently, badly needed a correction and thats what we have been seeing over the last couple of days. The traders and the investors began to take some profits off the table and we also saw the dollar getting stronger across the board and this has helped the prices of gold to move lower back through the $1350 region and get back to the middling range that it has been in over the last couple of weeks or so. The oil prices have also corrected lower so far but this is something that is likely to be only temporary and we are likely to see the oil prices continue to get powered through towards the $70 region in due course of time. We will have to wait and see how and when it happens but as we have been saying many times, it is only going to be a matter of time.

Cryptos Bullish

The cryptocurrency markets have also shot higher during the course of the day as the bitcoin prices have managed to break through the highs of its recent range and it trades just short of the $8500 region as of this writing. We would not be surprised if the prices continue to surge ahead and challenge the $9000 region over the weekend. The crypto market has been getting stronger by the day and all the technical charts have been showing that the bulls are getting prepared for a much longer and stronger run in the medium and long term. Of course, there would be times when there is a bit of correction and consolidation but these would only be viewed as opportunities to go long on the market.