Crude oil saved by the 200-day MA (for now)A combination of factors saw crude oil snap its 5-day winning streak on Tuesday. China's equity markets plunged at double-digit levels when traders realised no new stimulus from China was to be unveiled after golden weak. US production forecasts were lowered by the EIA and concerns over the Middle East receded somewhat.
An elongated bearish engulfing / outside day formed after its daily high met resistance at the September 2023 trendline. Yet the 200-day MA came to the rescue. For now at least.
Given the 4-hour bullish hammer at the 200-day MA and weekly R1 pivot, alongside a heavily oversold RSI (2) on that timeframe, I suspect a cheeky bounce could be in order. Bulls could cautiously seek dips for a move to $75 or $76.
Yet the magnitude of Tuesday's selloff suggests bears may be lurking at higher prices to re-enter upon any such bounce. Bears could wait to fade into such levels in anticipation of a return to the $70, near a high-volume node (HVN) and 61.8% Fibonacci level.
MS
Swintrade
Bitcoin Scalping Signal for Day Trading🖥️ We have determined there is a 70% chance Bitcoin will Fall from our current entry point.
📉 SHORT - BTC : $28.550 📉
💵 Length of trade: we are expecting BTC to hit a $1,000 scalp, with a high end of $1,500, and a minimum expectation of $550.
🕰️ Duration of trade: we are expecting the minimum profit target to possible get hit by market open in NYC. Then we see the rest of this trade playing out until Friday.