Today is Veterans Day in the USA so volumes could get a bit thin. Markets are scheduled to be open but for the short term traders out there you might want to take the day off.
All eyes are on crude oil today. After a deep retracement from the highs, it looks like OPEC, led by Saudi Arabia is stepping in to prop up the prices.
The way down from the top has been a very large swing and the break below the 200 day moving average (blue line) seems to have accelerated the decline.
The Saudis move is a clear indication that they’re willing to defend the floor at $60 a barrel. However, this line in the sand could prove difficult to uphold, especially if they don’t see cooperation from the other producers.
Pound Under Pressure
The British Pound is under immense pressure this morning after some disappointing Brexit news over the weekend.
It seems that Theresa May’s plan to avoid a hard border with Ireland was rejected both by the EU and her own cabinet. The likelihood of a no-deal Brexit has reared its head once more.
Things aren’t looking much prettier on the chart either. The bounce off from resistance last week (purple circle) confirms that we are now in a full-blown descending triangle (yellow lines).
Hard Fork Incoming
It should be clear that as confusing as the Bitcoin Cash hard fork may seem, especially for beginners, it is unlikely to have any significant impact on the broader crypto industry, are very slim. However, this drama is a lot of fun to watch and a great exercise for people to increase their knowledge and understanding of how these things work.
The current fight that’s playing out is between the two main proponents of BCH (Bitcoin Cash) Craig Wright and Roger Ver.
For those of you who are new, Bitcoin Cash forked from Bitcoin on August 1st 2017 and though the proponents claim that this is the real bitcoin, it has failed to gain the widespread adoption that they were hoping for.
