Oil and Bitcoin – Some Levels To Watch

It has been an interesting couple of weeks for Bitcoin with this market breaking out of the year long range and getting bid to over $500. Bitcoin has started this week down and has come off of the early November highs of $500. Bitcoin broke through $350, which was a significant recent support level. The next level of interest is $305. Should this breach, $285 provided resistance in the past so may become a new support level (old highs become new lows) and the $250 marks will certainly attract some market participants.

For now, $305 remains a key support level for BTCUSD.

Bitcoin has dropped from $500

Bitcoin find support at the $305 level.. For now..

Brent Oil is trading within last week’s range and is all chop at the moment. We are near a demand level at around the 46.50 level which may attract some buyers. Any stop runs on the lows around this level with the buyers picking up some liquidity and we may see this market bid higher to the top of the range at around $50.

Brent approaching a potential demand zone

Brent approaching a potential demand zone

The S & P futures have been trading strongly recently and we are at a potential supply level. A break out of the channel and any retests of support now turned into resistance may see the shorts taking a position. Certainly a retrace to the half way back of the recent move could be on the cards before the buyers come back in.. Or, it might just keep going – this market is still very strongly bid and may have further to go.

Which way now for the S&P?

Which way now for the S&P futures..

 

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Please note our disclaimer on all of this.

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