The correlation of oil price with bitcoin is quite visible. Means any time the price of oil rises some of the profit is pumped into bitcoin. As well the crush of oil price results to crush of bitcoin. In this sense I guess the next crush of oil price, that is expected in may will lead again to crush of bitcoin market.
If the Brent Oil breaks the region of 60-62 (an authentic support region)... it can visit the region of 49-52.
Update to a couple of recent theories: Could be nearing the end of wave 3 now as the 1.618 extension approaches. May see some sideways action for wave 4 followed by the 5th and final bearish wave towards $47-$50
Maybe this is the support, and the price will go up.
We can see that the mid-line of intermediate channel has been touched and the short-term channel has been broken. We expect to touch the bottom of the intermediate channel.
Brent Crude Oil futures bearish forecast with new supply levels imbalances being created. Brent crude oil is correcting strongly after such a strong bullish move in the past months. Bullish impulses have become corrections and now there are a few daily supply levels created on the way down after such a strong rally. Three supply imbalances have been created on...
Please refer to my monthly chart. This Zigzag assumes fractal of oil crashes.
Why this is considered for Long : 1. As per the volume the higher volumes are seen in the chart.Volumes are growing 2. As per the LongBuyLongSellIndicator ,Strength-meters(1 2 3 P D ,Up/dn, PSAR,MA Green Red Line, Red STAR, yellow Star,Green Early Entry stars) minimum of numbers of strength-meters lined up in a row /within two candles that is added advantage...
Update to this idea > Looks like wave 2 (or B) has completed now in the start of either wave 3 or wave C. If wave C of correction then may bounce and a new high from the 57$ level. If wave 3 then the 1.618 extension is at 53$. I prefer the 5 wave impulse move as it fits my larger timeframe view here >
Update to these ideas: Possibly in the impulsive waves down now, wave 2 up to 64XX then down for impulse wave 3
Slight variation on this smaller timeframe count > Looks like the 5 waves down are complete followed by a rise in price to 0.5 level, before a sell off. Could be wave 2 or B complete which fits with this larger timeframe count >
In this video update, we take a look at Brent Crude Oil as the weekly suggests we could see further upside next week. If the current weekly candle closes back within last weeks range we could see the market move back towards 75.00. We were expecting the price to test the 38.2 Fibonacci retracements however this looks unlikely now with current price action.
Oil might be in a triangle for wave 4 (white), break out downwards might occur if it is wave 4, possibly hitting one of the extensions around 58/59/60, depending where wave E of 4 ends.
Oil prices have been rising since the end of December, rebounding as high as $75 (April 24) from the lows of $50. We can see the 50 and 200-day SMAs around the same area of $69. This area of $69-$70 can be considered as a strong support level and potential rebound point as long as there is no major news in regards to a globally slowing economy. Neutral outlook...
After taking profit at 72 and 70 on our recent short I'm now actively looking to go long from 70.80 so I have to wait for a pull back before entry. Although it has been a bank holiday I still feel the outside bar is valid, showing strong rejection from the lower BB. Entry 70.80 Stop 68.50 TP 75 TP2 79
Note: If you like trends, you'll like oil. When oil trends, there is no limit. It can trend for a VERY long time. Trading Criteria: Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be...
based on my previous projection ; brent oil can push for a little more upside but will fallback to 46-50$ / barrel range in Q3-2019. for longer term : i'm expecting a very strong bull market. above 110$ in 2021. good luck.