Oil prices have been moving up since late December 2023 and are now (for Brent) forming a ‚Golden Cross‘. This is a sign that technical analysts like, when a shorter-term moving average (MA) crosses above a longer-term MA:

• 50 and 200 day simple moving averages (SMAs) are commonly used, but those parameters are not chiselled in stone somewhere

Brent has thrown out the signal now, WTI is not quite there. I’ve used the free charts on our site, that you can access here. Or of course, use your own charting program as you prefer.

Brent below. Check out the link the chart above and use the ‚BRENT‘ code shown in the chart. Its not really visible on the screenshot below but around $91 there will be a lot of work to be done (ie resistance).

WTI:

This article was written by Eamonn Sheridan at www.forexlive.com.

I am looking for Bitcoin to achieve a new all time high in the near future. See where it might find sellers.

🔍 Technical perspective for the crypto king:

• As I delve into the weekly Bitcoin chart, it’s clear that the bullish momentum continues to surge. I’m setting my sights on a $79k target, driven by key technical formations and recent price dynamics.

🧲 Double resistance magnet:

• We are on the brink of engaging with a double resistance magnet, which historically attracts price due to its technical significance. This includes:
  • A formidable red resistance line that has been tested twice before: marking the weekly highs of April 12th, ’21 and October 18th, ’21.
  • The upper boundary of the prominent yellow channel.

🚀 Current trends for BTCUSD:

• Regaining Historic Heights: Bitcoin has impressively recaptured its significant historical all-time high of $69,000.
• Telling Tail Signs: The pronounced tails on this week’s candlestick and those from two weeks ago reveal underlying buying pressure, suggesting that lower prices are being actively rejected.

📊 Market behavior in crypto: Still bullish:

• The upward trend is evident through the ascending channel colored in yellow, indicating sustained positive momentum.
• The market is consistently carving out higher lows, signaling enduring strength in the uptrend.
• Our eyes are now on the resistance line that’s being challenged for the third time, potentially setting the stage for a pivotal breakout or a strategic retracement.

📈 Strategic considerations when trading bitcoin:

• Await a definitive push above the current all-time high to consider bullish entry points.
• Stay cautious and observant as the market approaches these significant resistance levels.

⚠️ Caution for bitcoin short sellers here (near the previous all time high):

• Short sellers might want to hold their positions, especially with the anticipation of stop orders being triggered above the all-time high, fueling a further surge in price.

🌐 Message to ForexLive.com community:

• Keep abreast of the evolving market landscape and make informed decisions. Have you not registered for free for receiving updates?
• Remember, trading is inherently risky, and it’s crucial to engage with the market based on thorough analysis and personal risk appetite.
• For continued updates and market insights, check out ForexLive.com.

This article was written by Itai Levitan at www.forexlive.com.