Daily market recap for 11.06.2018
Bitcoin played out the Bearish flag with one of the major gaps the crypto markets have experienced in all of its history. This was because the news came up that a major S. Korean exchange was hacked and that couple of other major exchanges are now under investigation for price manipulation. I've predicted a Bearish movement for the price to go again to the bottom line of the triangle and with a possible breach under 7100, but never something like that. Currently, the price has dropped down even below 7000 and 6500 which is critical. This only, of course, can be an excellent buying opportunity as now the gap will have to be covered in time. This means that if now the Bearish flag is played out we will see a correction in the price movement towards 7200 - 7300 for a test on the triangle line again. As the flag was the catalyst for the triangle movement after it covers the gap and makes the correction, the price should continue to move down again to play out the triangle.
The Euro and the USD aren't that touched about the N.Korean - Kim - Trump - etc Summit, which is currently still undergoing from Sunday. Hopes for peace and understanding aren't giving any emotional effect on the markets. The Euro continues its battle in its attempt to make new tops each day, but it seems that the momentum is stalled for a moment. The levels are still the same to watch over as on the bottom we have 1.17323 and on the top, we have 1.18000, which now is turning in to a psychological barrier. Breaching that will give more air for the price to catch for new highs. Buying opportunities are always on the bottoms of the price movements until further catalyst appears to signal "enough - is - enough" form the Bears and to take over the movement and go South. Still, I think with enough conviction the price may show enough determination to make an attempt to land on the 200 DEMA. This will be a good signal the triangle has exhausted its potential for further TPs and that the correction is now turning to a Bulll market.
Crude starting with movement up as over the weekend's talks from OPEC came out that the US never asked them to up production. This gave a significant boost to the price and it is again above the 50 Fibo line and $66 per barrel. Acceleration and momentum returns to the commodity now and WTI will make a use of that to gain new tops with Bulls returning. Nevertheless, be careful of that as news like that always flush out in the markets and can change everything in seconds. 61.8 Fibo looks like a tempting target for WTI to move to which is around $67. There the price will meet resistance and shorting the movement there will be a good idea as well.