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Market Snapshot – Cryptos Are Set to Rise in Next Leg

Cryptos Likely to Pick Up

Bitcoin prices have been choppy since the beginning of the day. The prices were down for the first half of the day but have picked up over the last few hours and looks set to launch itself on its next bullish leg, after quite some time. There has been a sense of calm in the crypto markets over the past couple of days which is quite unusual for these markets, especially considering the fact that the prices have been hit hard of late due to various types of news and developments that we have seen in the industry over this period. In the latest round of buying in the BTC market, we are now seeing the prices approaching the $8500 region at this point of time and it is likely that this bullish trend might continue for the short term as the lack of any bad news in the market is in itself consider as good news by the traders nowadays. There should be some amount of selling seen in the $8500 but this should hold up the prices only for a short while and a break through that should target the $9000 region next and that would truly resume the bull run.

Stock Markets Still Uncertain

The stock markets have been dealing with some turmoil of their own as they have been hit hard since the beginning of this week and this fall has affected all the major global markets. There are no fundamentals or economic data to support the fall but it looks as though the fall is purely down to the fact that investors and traders have been jittery due to the large rise seen in the markets over the last couple of months and they simply felt that a correction was due and wanted to take profits to pick up the stocks at lower prices. It would be difficult to pick a bottom for this move at this point and traders would be served well to wait for the markets to show its hand before jumping in on the buys again. This would help the traders to avoid the common pitfall of being too early on any move.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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