Market Snapshot – Stock Markets Show Strength
Stock Markets Recover
The stock markets have had some rigorous losses over the last few days as the panic selling and profit taking from larger investors have combined to push the global stock markets into a large bear run. Though this correction was quite anticipated, not many would have anticipated the size or the speed of the correction and this is something that that would have caught them off-guard. But over the last couple of days, there have been some signs of recovery and the buyers have begun to make a stand which has helped the markets to recover in a slow and steady manner during this period. Today, we saw a continuation of this recovery and even though the indices in Europe and Asia did not gain by too much, we saw the indices consolidate and range with a bullish bias and this has helped to attract the buyers once again. The US stock markets are also set to open in a steady and strong manner later in the day and this should help the markets recover in the short term.
Crypto Markets Follow Suit
In the crypto markets, the recovery and the rebound continues as the bitcoin prices have recovered from the fall a couple of weeks back and the visit to the $ 6000 region has now turned into a large bounce towards the $ 9000 region. This has helped to draw in a lot of traders and investors back into the markets which has helped to fuel the move higher into crucial support regions. We should see the recovery continue in the short term and it remains to be seen how long this would continue. This recovery is not restricted to the bitcoin market alone but can be seen as a broad based recovery all across the crypto markets. This recovery has been fuelled by the lack of any bad news for the industry and also by the return of risk in general all across the markets which can be seen in the stock markets as well, in the same period. We expect this recovery to push the BTC prices towards the $ 10000 region in the medium term.
This article was originally posted on FX Empire
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