Bitcoin (BTCUSD) continued to decline during its latest intraday trading, affected by negative pressure from trading below EMA50, which acts as dynamic resistance and reinforces the strength and stability of the short-term bearish corrective wave, as the price moves alongside a trendline supporting this path and confirming continued selling pressure.
This comes despite the beginning of positive signals from the relative strength indicators after reaching severely oversold levels. However, these signals didn’t affect price movement, indicating that sellers continue to dominate trading, keeping the negative pressure valid and supports further decline in the near term.
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Crude oil declined during its latest intraday trading, gathering some of its previous gains, while attempting to ease its clearly overbought conditions on the relative strength indicators, particularly with the beginning of a bearish crossover. This may give the price an opportunity to take a breather and regain its positive strength in preparation for resuming its gains.
MoreSilver suffered sharp and consecutive losses during its latest intraday trading after breaking below EMA50’s support. This placed the price under increasing negative pressure, pushing it to break a main bullish trend line over the short term, in a clear technical signal for the bullish trend reversal and momentum has shifted in favor of sellers.
MoreGold remains on a series of consecutive losses during its latest intraday trading, approaching the key support level of $4,300, which was price target in our earlier analysis, amid continued negative pressure resulting from trading below EMA50, which acts as dynamic resistance and reinforces the chances of the short-term corrective bearish trend continuing to dominate.
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