Bitcoin finished the volatile week lower after touching all time high and 100% Fibonacci expansion from the 2015 low. We expect now a retest of 750-820 support zone after the strong rejection from the highs. Traders should be careful with buying here and should be waiting for better set up.
The Gold has reached the reaction area as shown on the chart 1180-1200 zone. We can’t exclude the test of 1200 in the coming days, but the medium term trend is down, and this pullback should be used for entering short trades. Invalidation of the downtrend would come only in the case of 1254 upside break.
Oil is reaching the strong resistance 54-55 zone again. We expect a failure here and a retest of 48-50 zone at least before any possibility of extension higher into 55-60 area. The instrument is in sideways trading range and can’t get past the 100 SMA (red line) on the weekly chart.
Happy trading! (click on the chart to enlarge it)
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