Bitcoin analysis
Bitcoin ( BTC/USD ) trading at 8080$ after making lows near 7900$, This is a good support area so one should consider taking a small buy position here. If one to take buy here then stop should be below our support which we are updating in our post so read carefully.
A good support in this major cryptocurrency stands at 7850$, If traders plunge this base and manage to sustain trade below our support. Then expect good pressure in bitcoin upto 7700$- 7530$ today.
A good resistance on bitcoin chart stands at 8220$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in bitcoin upto 8330$- 8470$.
Bitcoin analysis: Bitcoin trend is positive till it does not break our support. A small buy can be initiated in BTC/USD for small target of 100$- 200$.
Crude oil analysis
Crude oil price trading at 71.50$, Oil is trading in a narrow range since yesterday. A good support on this major commodity stands at 70.20$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 69.10$- 68$ today.
A good hurdle on this major commodity stands at 72.30$, If traders break this minor resistance and manage to sustain trade above our resistance. Then expect good rise in oil prices once again upto 73.40$- 74.90$.
Crude oil analysis conclusion: Crude oil trend is little flat to weak, Good volumes are on lower side confirming some profit booking ahead in this major commodity. Stay cautious if you are on long side of market.
For our dollar index and gold forecast read our morning post here
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