Today, on our radar we have three instruments that are currently undergoing a bearish correction. Although that is what they have in common now, it does not mean that their future is similar too. Those instruments are Crude Oil, Bitcoin and DAX.
We start with the Oil, where the price is doing exactly what we were expecting in yesterday’s piece. Price of Crude ended a small upswing and came back to the negative side of the market. Currently, the most possible scenario is the price testing the horizontal support slightly below the 58 USD/oz.
Next instrument is Bitcoin, which is also taking a break from rises but the future of this crypto looks much brighter than the Oil’s. On Wednesday, BTC is testing the broken resistance on the 8300 USD. As long as we stay above the yellow line and the blue dynamic support, the sentiment is positive.
Troubles can be also seen on the chart of DAX. Today, we opened with a bearish gap, which broke the up trendline and the lower line of the symmetric triangle pattern. The last support left is the horizontal one around the 11900 points. Breakout of that level will be a super strong sell signal.