Bitcoin: Long-Term buy
Bitcoin, Daily Chart
The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with multiple strong support levels at 945, 925, and 880. The MACD momentum indicator is reaching oversold territory, although it remains on a sell signal as the blue (quick) line is still below the red (slow) line.
As Bitcoin is highly volatile, a spike to 880 is still in the cards, but more aggressive traders could already be looking for buying opportunities. A more conservative approach would be to wait until the short-term trend reverses, and the MACD gives a buy signal.
Oil: Short-Term Sell
WTI Crude Oil, 4-Hourly Chart
WTI Crude oil remains under pressure following last week’s key technical breakdown, as fundamental weakness finally translated to negative price action. The recovering US production numbers and the conflicting news regarding the OPEC’s output all are weighing heavily on the commodity.
The technical chart shows multiple crucial resistance levels above the current price at 49.50 and near 50.75, which could serve as stop-loss levels for a short-term trade. The MACD is close to a neutral stance after the 3-day consolidation.
Featured image from Shutterstock.
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