5 Straight sessions of Gains bring Gold above $1860.
XBT USD / Bitcoin – Next Bull Run or a Relief Rally?
Resistance Zone: $44000 to $45000
Key Resistance: $40000
Major Pivot Point: $35600
Support Zone: $29000 to $28000
200 Day SMA – Green Line
50 Day SMA –Red Line
CBOE VIX – Volatility Index @ 26.19 +0.47 (+1.83%)
Trade Insights –
XBT/USD – Chart shows Viable long positions above the Support Zone at $29000 to $28000, with the first target of the Major Pivot Point at $35600 and after confirmation above the Pivot then further long positions towards the Key Resistance level at $40000 and then the test of Resistance Zone between $44000 to $45000.
Alternatively, Short positions below the Support Zone at $29000 to $28000 to with the target to head towards the next support level at $25000.
Bitcoin jumped up from $28536 to $31734 in a straight 4 day winning streak that the Digital currency registered. A several percent jump on 30th May offered a change of direction and reversed the course immediately and was significant as that was desperately needed to offer some confidence of the bulls. However, the macro environment is still troubled and retail investors are somewhat missing from the action.
Looking at the weekly candles chart one can see that Bitcoin has done nine red candles in a row it is something that the digital currency has never done in its history. However, the U-turn on 30th May could help Bitcoin avoid 10 weeks of red. The RSI Indicator has moved above the 50 points mid-mark and now somewhat consolidating above this level. And the prices are still trading well below the 50-day SMA red line and quite below the Green 200 Day SMA line indicating bearish bias of the investor.
Fundamental Overview:
$30000 mark has proved to be a significant support for the largest cryptocurrency as we have made strong case for it in the past given that several new buyers have entered the digital currency around that level XAU USD / 5 Straight sessions of Gains bring Gold above $1860.
USO/USD – EU Bans Russian Oil, 75% reduction in EU Oil imports.
Resistance Zone: $121 to $123
Key Resistance: $117
Major Pivot Point: $113
Key Support Level: $108
Support Zone: $100 to $98
200 Day SMA – Green Line
50 Day SMA – Red Line
CBOE VIX – Volatility Index @26.19+0.47 (+1.83%)
Trade Insights –
USO/USD – Chart shows Viable long Short below the Key Resistance level at $117 with the first target of Key Support Level at $108 and after consolidation towards the Resistance Zone at $100 to $98.
Alternatively, Long positions above the Key resistance level at $117 to head towards the Resistance Zone between $121 to $123.
US oil chart shows that the prices are moving upwards creating higher highs and moving in the upper zone of the ascending channel on the chart. After crossing above the upper limit of the channel Oil re-entered and now trading above just the midlevel and Major Pivot on at $113. Once the prices drop below the Pivot there could be more downside in the oil prices heading towards the key support level at $108.
The RSI Indicator is just under the 60 points level. The prices have moved well above the Green 200 Day SMA line and heading towards the 50-day SMA red line indicating full bullish bias of the investors.
Fundamental Overview:
European Union has reached a compromise on the Russian Oil Ban as the long-awaited 6th wave of Russian Sanctions were agreed on Tuesday morning. The Seaborne Russian oil is banned in EU now, temporarily allowing pipeline deliveries to landlock countries like Hungary, The Czech Republic and Slovakia. This leads to 75% immediate reduction in EU oil imports from Russia. This will negatively impact Oil market as we move towards the second half of the 2022. Other oil producers are already operating near capacity, no newer infrastructure investments in oil industry, soft US dollar and opening of Shanghai are all taking oil prices higher.
The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.
Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products may be considered as high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.
Charts of the Week - Bitcoin – Next Bull Run or a Relief Rally?
XBT USD / Bitcoin – Next Bull Run or a Relief Rally?
Trade Insights –
XBT/USD – Chart shows Viable long positions above the Support Zone at $29000 to $28000, with the first target of the Major Pivot Point at $35600 and after confirmation above the Pivot then further long positions towards the Key Resistance level at $40000 and then the test of Resistance Zone between $44000 to $45000.
Alternatively, Short positions below the Support Zone at $29000 to $28000 to with the target to head towards the next support level at $25000.
XBT/USD Chart Analysis: Directional bias - 2 Weeks
Bitcoin jumped up from $28536 to $31734 in a straight 4 day winning streak that the Digital currency registered. A several percent jump on 30th May offered a change of direction and reversed the course immediately and was significant as that was desperately needed to offer some confidence of the bulls. However, the macro environment is still troubled and retail investors are somewhat missing from the action.
Looking at the weekly candles chart one can see that Bitcoin has done nine red candles in a row it is something that the digital currency has never done in its history. However, the U-turn on 30th May could help Bitcoin avoid 10 weeks of red. The RSI Indicator has moved above the 50 points mid-mark and now somewhat consolidating above this level. And the prices are still trading well below the 50-day SMA red line and quite below the Green 200 Day SMA line indicating bearish bias of the investor.
Fundamental Overview:
$30000 mark has proved to be a significant support for the largest cryptocurrency as we have made strong case for it in the past given that several new buyers have entered the digital currency around that level XAU USD / 5 Straight sessions of Gains bring Gold above $1860.
USO/USD – EU Bans Russian Oil, 75% reduction in EU Oil imports.
Trade Insights –
USO/USD – Chart shows Viable long Short below the Key Resistance level at $117 with the first target of Key Support Level at $108 and after consolidation towards the Resistance Zone at $100 to $98.
Alternatively, Long positions above the Key resistance level at $117 to head towards the Resistance Zone between $121 to $123.
USO/USD Chart Analysis: Directional bias - 2 Weeks
US oil chart shows that the prices are moving upwards creating higher highs and moving in the upper zone of the ascending channel on the chart. After crossing above the upper limit of the channel Oil re-entered and now trading above just the midlevel and Major Pivot on at $113. Once the prices drop below the Pivot there could be more downside in the oil prices heading towards the key support level at $108.
The RSI Indicator is just under the 60 points level. The prices have moved well above the Green 200 Day SMA line and heading towards the 50-day SMA red line indicating full bullish bias of the investors.
Fundamental Overview:
European Union has reached a compromise on the Russian Oil Ban as the long-awaited 6th wave of Russian Sanctions were agreed on Tuesday morning. The Seaborne Russian oil is banned in EU now, temporarily allowing pipeline deliveries to landlock countries like Hungary, The Czech Republic and Slovakia. This leads to 75% immediate reduction in EU oil imports from Russia. This will negatively impact Oil market as we move towards the second half of the 2022. Other oil producers are already operating near capacity, no newer infrastructure investments in oil industry, soft US dollar and opening of Shanghai are all taking oil prices higher.
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The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.
Vishal, R.
June 1, 2022
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