Crudeoil, Bitcoin analysis May 21, 2018

crude oil

Crude oil analysis

Crude oil price trading half percent higher today as market opened positive. It tested 72$ and currently cruising around 71.70$. Oil prices are anticipating more tensions between US and Iran. Crude oil prices driving higher, expecting more sanctions on Iran. Good equity markets are also helping as it suggest good consumption in good economy.

A good major support on crude oil chart stands at 69.80$, This is an intraday support. We mentioned our weekly support in newsletter. Click here to Join our free newsletter. Once traders break our intraday support and manage to sustain trade below our support. Then expect good pressure in this major commodity prices upto 68.70$- 67.50$ today.

A good resistance on intraday crude oil chart stands at 72.50$, Once traders break this barrier and manage to sustain trade above our resistance. Then expect good firepower in this major commodity prices upto 73.40$- 74.60$ today.

Crude oil analysis conclusion: Oil prices trend is positive for now. Avoid any major selling.

Bitcoin analysis

Bitcoin ( BTC/USD ) trading 4% higher today near 8500$. It opened higher erasing last week’s gains within hours only. A good support on bitcoin chart stands at 8350$, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in bitcoin prices upto 8220$- 8100$ today.

A good hurdle on bitcoin chart stands at 8620$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in BTCUSD upto 8760$- 8920$ today.

Bitcoin analysis conclusion: Bitcoin price trend is positive for now, avoid any major selling till our support is intact. So should we buy bitcoin here or sell with resistance? We will advice to wait for some dips around 8400$ to catch a small buy with stoploss below 8350-40$ range for target of 100$- 200$. But trade with caution and trade low qty.

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  1. Pingback: Gold, DJIA forecast today May 21, 2018. Gold technical analysis

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