Bitcoin Still Retracing
Technical Observation
Last week, Bitcoin recovered slightly the value it lost the previous week, but closed at 3600.97 by the end of that trading week. From this daily chart, this cryptocurrency could plummet further towards the daily support 2881.37. If this support is breached, then the price could drop towards 2092.10. My advice, after the unprecedented drop in price seen three weeks ago, its wise to remain out of any buy position. Instead, wait for further retracements towards 2881.17 to pick a long position with your take profit at 4500.00. If you’re short in forex in this cryptocurrency, you should remain short with your take profit at 2881.17.
Trade Signal
Flat
WTI Buy Signal
Technical Observation:
For at least three weeks in raw, Light Sweet Crude Oil Futures has been in a constant up trend and even broke out above the resistance line 50.36. Although this breakout was not done with a big green candle, the fact that this future went above 50.36 is a clear indication that the bulls are in complete domination. Following the bullish pin seen on Thursday’s daily candle, I expect a sharp rise towards the daily resistance line 60.00. If this resistance is breached, then price could rise further towards 65. This is from a bullish point of view, if a break below 50.36-50.00 is done with a big red candle, the price could plummet towards 46.00.
Technical levels:
Resistance levels
R1: 47.00
R2: 55.00
Support Levels
S1: 47.55
S2:50.00
Trade Signal.
Buy WTI around 50.36-50.00 with your take profit set at 60.00
Silver Buy
Technical Observation:
Since the early parts of this month, silver has been in a constant downtrend but is currently finding it hurdle to breakout below the line 16.97. This is a key daily support line, and unless there’s a clear bearish breakout below it will a big red candle, I remain reluctant to short in this commodity. Rather, I’m waiting for a rejection from this line to buy this commodity towards 18.59. If a breakout below 16.97 is seen, then I expect the price to plummet towards 15.55. As it is, Bulls are still in absolute control, and only buy positions can be recommended towards 18.59.
Technical levels:
Resistance levels
R1: 24.84
R2: 22.01
Support Levels
S1: 15.79
S2:14.40
Trade Signal.
Wait for a rejection from 16.97 to buy silver towards 18.59 .
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