Daily market recap for 28.05.2018
From now I am changing the way I am covering the recaps for the days. Now it was separate analysis and comments published, but I have decided to publish everything in one piece with separate graphs inside.
Getting to the point now.
Bitcoin opened Yesterday at 7260, made a high, breaching 7320 and moving towards 7395. Price after that found additional pressure as selling continues and longs being liquidated. The low reached 7121.20 and made a close at 7177.70. The crpyto markets are heavily sold for a month now. On the daily chart, the movement has reached the bottom line of the formation at 7121.15. This is a pinnacle point now as the coin is tossed now. Today's we may see the breach and confirming it, or making a false attack for a move up. If the price moves under the triangle and starts dropping hard as the acceleration will play its effect, the price may start moving under 7000 and towards 6500 levels.
Wait for the play out, don't hurry with your longs yet. The crypto market isn't yet done selling off.
Even though the Bank Holiday, we saw some action in the EUR/USD pair as well. Price opened at 1.16819, made an attempt towards 1.17000 and achieved a high of 1.17279, after that the price was again subdued by Bear sentiment for a low to 1.16072. Political crisis in Italy worsened as no one agreed to start form a government. Besides that, Portugal is poking it's head in the Euro Debt list and Spain is giving early warning political signals for troubles. After the Euro sessions ended, the Euro started just crawling and settled at 1.16239.
Selling will accelerate towards 1.15500 and the next level to watch will be 1.15554 (11.07.2017 low). Keep selling the tops.
Gold has opened at 1299.500 and made a slight attempt to attack 1300 with a high of 1300.260. After that price again was pressured to a low of 1295.448 and closed at 1298.010. The price struggles to move above the Daily 200EMA and tops at the top line of the downtrend. On the bottom we have 1295.509 for a support. More development will be needed to see for a further affirming direction for the movement. Sell on the tops.
Crude has breached 61.8 Fibo as I have explained the last time that it needs to be watched for a further move towards 50 Fibo. Price still under 70 and on the pressure. Selling continues as Oil production keeps pace and is actually accelerating from the major Oil producers and OPEC. 65.80 acts as a support for now. Breach attempt was made Yesterday. Price has opened at 67.38, made a high of 67.43 and made al ow at 65.72, price settled at 66.55. Further tests to 65.80 and the 50 Fibo will be needed to imply a possibility for a next move down towards 38.2. The major, more steep wedge is playing now and the price now has settled in the boundaries of the previous wedge formation which was Bullish. For me the lines are still valid as the price from 25.05.2018 has stopped right on the top line. The price sliced Yesterday that level and the 61.8 Fibo.
Careful with any longs, tops selling is preferable.