Some Potential Buy Zones On Brent Oil

We may have an intermediate high in on Brent Oil with an ABCD pattern completing around $69.50. It looks like the bears may have the ball for now. We can see a small channel forming and three lower highs as the bulls failed to take the highs.

That being said, there are a couple of interesting demand levels emerging which may attract some buying.

Demand Zones On Brent Oil

Demand Zones On Brent Oil

  • There is the 100% extension completing into previous highs from mid February at $63. Nearby, the price action indicate that we have had  demand at this level. This price will likely provide some support and buying interest
  • The 161% extension completes at $59.50. The equidistant swing matching the move from the highs of mid February to the lows at the mid of March also complete at this point.

In SparkProfit, the sentiment as measured by the consensus of the crowd, is bullish on Oil presently.

The Crowd Are Bullish On Oil

The Crowd Are Bullish On Oil

No Risk With SparkProfit

Which ever way you think Oil is going to go, you can play it risk free with SparkProfit.

Please note our disclaimer on all of this.

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Bullish Sentiment Emerging For Bitcoin – Beware This Short Zone Though

Bitcoin has begun to make a serious of higher highs and higher lows and there could potentially be a bullish channel emerging – at least in the short term.

btcusd17may

For now, there is a bullish sentiment channel emerging since Bitcoin broke out of the bearish channel at the end of April. What else is this chart telling us:

  • Sellers have been defending the supply zone around $244 with price capped at this level over the last few weeks.
  • We have made higher highs and higher lows and we could project a bullish channel defining the supply and demand zones for this price action
  • The $255 price level looks interesting and there may be some supply there. Why?
    • Previous supply form the start of April may be defended.
    • Top of the short term channel.
    • Multiple abcd patterns and equidistant swing completing into that zone may get the attention of the shorts.
    • Close to the half way back level of the price move from the top of the bearish channel to the bottom made mid April. The half way back is a key psychological level watched by many market participants.

Bitcoin has been moving in a very tight range the last couple of days – this compression usually precedes a break out in this market. For now, the SparkProfit sentiment is to the long side indicating our players are bullish – but this could go any way!

No Risk With SparkProfit

Which ever way you think Bitcoin is going to go, you can play Bitcoin risk free with SparkProfit.

Please note our disclaimer on all of this.

 

 

 

The Crowd Love Oil… For Now..

more_downside_oil

Oil has been one of the more traded markets this last couple of months giving a white knuckle ride as the price of oil fell about 60% before finding some demand at around $46 (in Brent) in January. Since then, oil has risen to $69 giving the bears a run for their money.

OPEC are said to be predicting that Oil will remain below $100 until 2025 according to a draft report seen by The Wall Street Journal. In another scenario, the report warned that crude oil could be as low as $40 a barrel in 2025. Its great to see that the experts can agree a forecast for oil!

Well, while the experts hedge their bets, our players are forecasting more upside for oil, at least in the short term. The chart below shows the global sentiment of our players on this market. We’ve started the week with a net bullish bias on this market but it’s early in the week yet so things could change

sparkprofit players buy oil

SparkProfit players have started the week buying oil

The Longer Term View

The longer term chart below shows some interesting levels on Brent. Sellers have already come in at around the 69 level where the ABCD pattern completes. If price can break the recent highs, the next level of interest for the shorts may be the half way back of the bearish move down at $80

Short levels on Brent

Short levels on Brent

Could oil reach $80 soon? Sure, if we get the same sort of price move that we did off of the lows in January.

oil_to_80

Can Oil Reach $80 soon?

If we drill down into a shorter term chart, we can see that price is testing the bottom of a sentiment channel and near term support at $64. If price can break and hold below the stronger support at $63, we may see some committed selling on Brent.

$63 the level to watch

$63 the level to watch

No Risk With SparkProfit

Which ever way you think Oil is going to go, you can play it risk free with SparkProfit.

Please note our disclaimer on all of this.

The Crowd Is Bullish On Bitcoin

Its been a quiet week for Bitcoin with the cryptocurrency trading within last weeks range. This week’s low was made at the half way back of last week’s range (always a level worth watching) and gains have been capped at last week’s high for now.

Bitcoin Finds Support

Bitcoin finds support at the half way back

Some interesting things to note from this chart:

  • Bitcoin found demand at the 50% retracement and previous resistance now turned support.
  • Price has moved outside of the bearish channel indicating a potential change of sentiment.
  • We have been making a series of higher lows and higher highs with a potential bullish sentiment channel forming.
  • Bitcoin has been reacting off of levels defined by equidistant moves quite well indicating a move to 256 is well within reason.

And, what does the crowd think? Spark Profits crowd sentiment indicator is showing a bullish bias based on the opinions of our players.

What do the crowd think?

What do the crowd think?

Bitcoin’s liquidity increase means three times the points in SparkProfit

There has been an increase in liquidity in Bitcoin over the last year with institutional traders and Hedge Funds starting to take an interest and trade in bitcoin. This week has also seen the opening in the United States of the first regulated Bitcoin exchange – this should encourage more institutional traders into this market. Coinbase launched in the UK last week and they are anticipating participation from larger traders and Hedge Funds.

Bitcoin’s increase in liquidity has been reflected in SparkProfit and from this weekend, players can make three times the points they used to on Bitcoin games.

No Risk With SparkProfit

Remember, Bitcoin is the only market that trades right through the weekend so you can log on anytime and try and earn some points.

Which ever way you think Bitcoin is going to go, you can play Bitcoin risk free with SparkProfit.

Please note our disclaimer on all of this.

What Does The Crowd Think Of GBPUSD On Election Day?

We love data at Nous Global Markets and this is why we pay for our user’s predictions on the markets. We think this data is valuable, uncorrelated and unique.

One market we’ve been keeping an eye on this week is the GBPUSD (pound dollar or ‘cable’) pair. There are two events this week which will, likely, get market participants involved:

  1. The UK Parliamentary Elections are taking place today in the UK. Any uncertainty around the outcome of the election or a surprise outcome will impact the pound.
  2. Non-Farm Payroll figures are released in the United States on Friday and this may impact all USD pairs including GBPUSD.

For now, this market is trading within the range set by yesterday’s price action; with resistance at 1.5290 and support at around 1.5150. So, the buyers and the sellers are in broad agreement with one another and price is moving sideways. The events of the next few days and any uncertainty around the outcome of the election will tip the balance one way or the other, we will get market flow and GBPUSD will likely move out of this range.. Fast…

So, where are our users positioning themselves coming into the end of this week? The picture gives an indication of the opinion of the crowd in SparkProfit for this week on GBPUSD.

What the crowd think of GBPUSD

What the crowd thinks of GBPUSD

We have observed buying pressure from the start of the week in SparkProfit on GBPUSD. The green line indicates the amount of bulls in the market and the red line shows the bears. The white line is a probabilistic signal based on the total long/short orders and compares the long and short orders in the game to randomly generated trades. That’s a mouthful! The short story is that this line gives the long or short bias of our players compared to trades from a room full of monkeys trading randomly.

The buy flow increased from the start of the week and was a leading indicator of the breakout to the upside in this case. The crowd is still net long but buy orders have not been increasing much over the last 24 hours as traders adopt a wait and see approach.

Its hard to know which way this is going to go but the chart below presents some levels to monitor which may give some opportunities to trade from on bounces or, if they break, retests.

Levels to watch for bounces or retests.

Levels to watch for bounces or retests.

No Risk With SparkProfit

Which ever way you think GBPUSD is going to go, you can play GBPUSD risk free with SparkProfit.

Please note our disclaimer on all of this.

Bitcoin Busts A Move

Bitcoin is making new highs for the week and is coming up against a potential sticky zone the bulls will need to clear.

Whats Going On With Bitcoin This Week?

There are a number of things which may be generating some positive waves for Bitcoin:

  • Sweden’s Nasdaq exchange has approved a bitcoin-based exchange traded note.
  • The worlds first formal Bitcoin exchange is likely to open in New York with news that New York State’s Department of Financial Services are going to publish a regulatory framework which will allow those who have applied to be a Bitcoin exchange to launch as a bank.
  • Coinbase has launched its services in the UK this week. Coinbase will allow speculators trade bitcoin against Sterling. Coinbase are anticipating participation from hedge funds and institutional players over time.
  • The Squid (Goldman Sachs) have invested $50 million into a Bitcoin start up which will use Bitcoin technology to improve consumer payments.

Things Could Get Interesting..

Could we be seeing the start of a bullish move here?

Its looking a bit sticky for Bitcoin at around $237. If the bulls can clear this level, its blue skies until about $257 where we have an equidistant swing into some previous supply.

Blue skies for the bulls if the clear resistance

Blue skies for the bulls if they clear resistance

No Risk With SparkProfit

Which ever way you think Bitcoin is going to go, you can play Bitcoin risk free with SparkProfit.

Please note our disclaimer on all of this.

Some Markets And Risk To Watch This Week

Brent Oil Futures Break Resistance. Will Brent Find Acceptance Here?

Brent breaks resistance. Will it find support?

Will Brent Find Support?

Brent futures broke through a significant level last week and are presently trading at a potential demand level. The fundamentals and pundits are still screaming a further bear market on this but it might be worth looking at where price could potentially go to given the recent price action.

The chart below shows a longer term view on Brent. We could have a potential ABCD pattern completing into the 69.50 area. This level is interesting as we have previous historic demand here from mid 2010 with the lows made where buyers came in (and old lows can become new highs). There is a strong bear candle from the start of December 2014 indicting some supply there a the time.

The long term view

The long term view

Bitcoin – Will The Bears Reload?

The lows have held last week on Bitcoin and we have seen some corrective price action with a potential ABCD pattern forming into some interesting price structure.

Will we see selling on Bitcoin ?

Will we see selling on Bitcoin ?

The recent lows/demand zone at around 234.50 may see some shorting here. The strongly bearish candle from the start of April has also tipped the hand of the bears.

For now, the lows at 213 and the recent supply at 232 to 234.50 seem to be the levels to be aware of on this instrument.

Risk On Tap For The Week

AUD:

  • Mon 20 Apr: RBA gov speaks
  • Tues 21 Apr: Monetary Policy Meeting Minues
  • Wed 22 Apr: CPI
The bulls have it.. for now..

The bulls have it.. for now..

EUR:

  • Tues 21 Apr: German economic sentiment
  • Thur 23 Apr: French manufacturing PMI
  • Thur 23 Apr: German manufacturing PMI
  • Fri 24 Apr: German business climate
  • Fri 24 Apr: Euro-group Meetings
More upside for the Euro?

More upside for the Euro?

GBP:

  • Wed 22 Apr: MPC official rate votes
  • Thur 23 Apr: Retail sales numbers
Cable at a significant level

Cable at a significant level

USD:

  • Thur 23 Apr: Unemployment claims
  • Fri 24 Apr: Durable goods orders

Which ever way you think these markets are going to go, you can play them risk free with SparkProfit.

Please note our disclaimer on all of this.