Crude oil analysis, Bitcoin outlook June 05 2018

Crude oil analysis

Crude oil crashed from 68$ to nearly 64$. Oil prices crash came as many OPEC countries are thinking to increase output as reports suggested even Saudi Arabia in favor to increase output. We have OPEC meeting later this month where major oil producing countries might announced hike in output. If production really hikes then it will write a new technical chart of oil prices altogether. We will talk about it when it happens later this month in OPEC meeting due at Friday June 22.

For now a good support on crude oil chart stands at 63.90$, If traders break and sustain below this level then expect more pressure in oil prices upto 63$- 62.20$ today.

A good resistance on crude oil chart stands at 65.80$, If traders break and sustain above this level then expect some breather in oil prices upto 66.90$- 67.80$ today

Crude oil analysis conclusion: Technically crude oil trend is weak for now so we would avoid any major buy trade. Even in sell you should use strict stoploss and trade with low qty only till OPEC meeting. Once we see outcome of meeting then we may judge oil prices further, till then trade minimum qty.

Bitcoin outlook

Bitcoin ( BTCUSD ) price trading flat since yesterday as it opened near 7400$. Currently Bitcoin price trading at 7500$, A good support on bitcoin chart stands at 7250$, If traders break and sustain below this level then expect pressure on bitcoin prices upto 7020$- 6800$ today.

A good resistance on bitcoin chart stands at 7660$, If traders break and sustain above this level then expect more buying in bitcoin upto 7800$- 7990$ today.

Bitcoin outlook conclusion: Bitcoin trend is positive for now, So should we buy bitcoin here? Answer is yes a small qty buy trade can be initiate here with stoploss below our support. Safe traders should wait for 50-70$ dip and then enter. But trade low qty only and trade for 70-100$ target.

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