Weekend thoughts about the Bitcoin, Gold and Oil

The 880 Median line level, in the Bitcoin, is acting now as a strong uptrend support. Any near-term weakness below this level could lead to a deeper correction into 760. As long as the price is above 880 you should target 1000 level on the upside. The 1000 level target is reached and we could see some pullback to the support 830-860 zone.

bitcoin trend following strategy


The Gold has reached the median line of the long term Pitchfork channel and being rejected by weekly 100 SMA 1213 level. Look for short entries in this zone targeting 1150 and lower. Invalidation of the long-term uptrend only in the case of a daily break above 1265. Break below 1180 on the daily basis is now needed for a downside reversal.

gold trend following strategy


Oil is on hold again by strong 52-54 resistance and as long this zone holds look for shorts targeting 46-48 zone before a possible turn higher. This is a strong confluence of long term Pitchfork uptrend channel, median line, and sideways downtrend Pitchfork upper line. Only a daily close above 55 level would invalidate this scenario.


oil trend following strategy

Happy trading! (click on the chart to enlarge it)

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