Bitcoin Delivers Sunday Surprise

Hello traders everywhere. The CME Bitcoin real-time index dropped over 10% on Sunday giving many cryptocurrency traders a Sunday surprise. The index traded as low as $6,643.58 before finally closing the day at $6,781.18. It's the first time since early April that Bitcoin has traded below the $7,000 level. However, it shouldn't come as a surprise after it's been trapped in a tight trading range between $7,000 and $7,800 since about mid-May.

Media reports will have you believe that the price drop is due to a hack on the South Korean exchange Coinrail, which was revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a significant move was expected anyway, as an extended period of consolidation or low volatility is often followed by a sharp move on either side and prices started falling Saturday, so the theft of ERC-20 tokens at a minor exchange seems an unlikely cause.

Events To Keep In Mind This Week

• President Donald Trump and North Korean leader Kim Jong Un meet for a historic summit in Singapore Tuesday, which will be late Monday in New York
• U.K. Prime Minister Theresa May faces votes that could derail her Brexit policy, also Tuesday
• The Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid
• The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi
• The Bank of Japan June monetary policy decision and news conference is Friday
• FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia

Key Levels To Watch Next Week:

S&P 500 (CME:SP500): 2,801.90
Dow (INDEX:DJI): 25,449.15
NASDAQ (NASDAQ:COMP): 7,334.62
Gold (NYMEX:GC.Q18.E): 1,296.00
Crude Oil (NYMEX:CL.N18.E): 64.85
U.S. Dollar (NYBOT:DX.M18.E): 92.76
Bitcoin (CME:BRTI): 6,443.17

Every Success,
Jeremy Lutz
INO.com and MarketClub.com