Possibility Of Quick Sprints In Bitcoin And EUR/USD

BITCOIN…63k was breached easily and with good momentum indicating that there is a bit of panic in the market. In this scenario 55k would be a good level for a wholesale buy assessment as we can expect all weak holders to have been washed out by then. Wait and see here…but one may get some quick trades on the bounce.

BRENT CRUDE…Do not foresee a strong down-draft. We are looking at some exchange of hands going on which may bring the market down to a healthy and trimmed 81/82 level and ripe for another strong bullish move. Having said that, any geopolitical catalyst in the meantime can blow up the market.

GOLD…Gold has been trading in stratospheric retail zones between 2,450 and 2,270. The price is range bound in these zones and seems to want to go south given the intense volume laded down-drafts that we have seen over the last 5 weeks or so, beginning around later fortnight in May. ?In this context a good wholesale zone to evaluate would be around 2,150 and below…still some ways off.

S&P500…The never-go-south index, which proves all nay-sayers, recession- mongerers wrong consistently….too difficult to call as the whole world and all economic powers just want it to go north. There is nothing to suggest as of now that the index is close to changing direction. But a geopolitical event may be a different call.

EUR/USD PAIR…This looks interesting. There is a good wholesale zone around 1.07 and beneath. The price has bounced off from there with speed, if not momentum. But momentum can build slowly at times. The question here is: is this going to carve out a bottom of sorts. And has a wash-out occurred or not? In our considered opinion, not yet. The market is still of a bearish disposition. Having said this since it is at a wholesale level, short term trades might become available to be taken on quickly and exited quickly.