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 the pullback from this area, also an upper Pitchfork upper channel line for the retracement into 666-777 zone. Buying here is not recommended and 1075-1100 zone is acting as a strong resistance.

Bitcoin trend following analysis

 

The Gold has been rejected from 1250-1265 strong medium-term downtrend support zone. As long as this zone is holding look only for short trades targeting 1150 on the downside. The daily close below 1210 is needed for downside reversal and continuation.

 

Oil is on hold again by strong 52-54 resistance with a weekly Doji death cross candle that is indicating a strong resistance to the upside and the still strong buying power in the 50-51 zone. We expect downside starting to pick up from this level and to finally see a retest of 48-49 key zone but we need to see a daily close below 51 for the downside acceleration.

 

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

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