Energies on the Move, Technical Outlook, Edition #191 (07/03/2022)
Threat of Russian oil sanctions sparks an explosion in oil prices - and inflation? Read on for the latest market reading and technical analysis featuring Commodities & Cryptocurrency 👇
Oil prices boil over as Bitcoin toils at support
The price per barrel of oil has soared.
This morning, markets observed prices reach up to 13-year highs after talks of the "US and its allies considered banning Russian oil and natural gas imports", Secretary of State Antony Blinken said on Sunday.
West Texas Intermediate, USOIL - Monthly (MN)
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Nancy Pelosi also added via means of a letter to Democratic colleagues that the "US House of Representatives is exploring strong legislation" to ban the import of Russian oil; doing so would likely "further isolate Russia from the global economy”—and cause more inflation, might we add!
A saying of the Wild West comes to mind.
In other words, USOIL could still have legs to move higher and set a new all-time high, should Pelosi follow through on the intent.
The inflationary pressures this could place on every economy's CPI consumer price index—especially if this turns into one brutal exit pump before renewable energies take over—could very well bring many industries to a grinding halt.
West Texas Intermediate, USOIL - Daily (D1)
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West Texas Intermediate, USOIL - 4 Hour (H4)
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions
West Texas Intermediate, USOIL - 1 Hour (H1)
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions
A view of cryptocurrency appears in stark contrast...
Bitcoin has been performing less than satisfactorily for weeks now.
This development beckons further doubt, with structures forming beginning to look a little dicey.
Bitcoin, $BTC - Daily (D1)
Multiple failed breakouts at US$ 45K reveal once again why it is so crucial for $BTC to claw price back above this zone.
Failure to do so will likely see further retesting of support around US$ 36.5K.
Should demand fail to defend this zone, our bears will likely set sights to try for a drive down to levels around US$ 28K.
Bitcoin, $BTC - 4 Hour (H4)
Bitcoin, $BTC - 4 Hour (H4)
A reimagination of both bullish breakout and breakdown forecasts are outlined above.
👇 Don’t forget to watch the recent episode of Charting with Griff 👇
Q's Conclusion
Watching the market structure for higher lows or lower lows is key to the next impulse move.
If the price breaks upwards, then flipping US$ 45K into support would see a continuation up to US$ 51K – 55K.
Conversely, if Bitcoin cannot hold above US$ 36.5K in the coming days, then bears will have their chance at what might be a leisurely lunch until US$ 28K.
Bitcoin, $BTC - Daily (D1)
In short, we're in for cloudy with a high chance of volatility ahead!
See you again for the next update.
- q
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The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions