Today we are looking at three instruments that are currently undergoing a bearish correction. Although they have the same trend at the moment, it does not mean that their future will also be similar. The instruments are Crude Oil, Bitcoin and DAX.
The first instrument is Oil, where the price is doing exactly what we were expecting in our yesterday’s piece. The price of Crude ended up with a small upswing and came back to the negative side of the market. The most likely scenario is that the price will test the horizontal support slightly below the 58 USD/oz.
The next instrument is Bitcoin, which also takes 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 8300 USD. As long as we stay above the yellow line and the blue dynamic support, the sentiment is positive.
Troubles can also be seen on the DAX chart. Today we opened with a bearish gap, which broke the upper trendline and the lower line of the symmetric triangle pattern. The last support left is the horizontal one around 11900 points. The breakout of that level will be an extremely strong sell signal.