Bitcoin (BTCUSD) extended its intraday gains in recent trading, attempting to recover part of the heavy losses it suffered at the end of last week — the largest single-day decline in the currency’s history. This rise was supported by positive signals from relative strength indicators, which provided the price with some upward momentum.
However, we notice the indicators reaching exaggerated oversold levels compared to the price move, to indicate the beginning of forming negative divergence that suggests a potential weakness in the current bullish momentum, especially with the continuation of the trading below EMA50, which forms an obstacle against the full recovery on a near-term basis.
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Crude oil prices soared high in their last intraday trading, achieving strong gains in attempt to recover some of its previous losses, as it attempts to offload its clear oversold levels on the relative strength indicators, especially with the emergence of positive crossover that supports a potential temporary rebound.
The negative pressure remains valid on the trading due to the continuation of the trading below EMA50, besides the dominance of the short-term bearish trend, and its trading alongside steep bearish trend line, which reduces the chances of its full recovery on a near-term basis.
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The (Gold) price rose in its last intraday trading, to settle above$4,000 level, taking advantage of its dynamic support due to its stability above EMA50, reinforcing the continuation of the dominant bullish trend on the short-term moves with its trading alongside supportive trendline for this track.
This performance is supported by the emergence of positive signals on the relative strength indicators, after their exit severe oversold levels, which provide extra momentum that might pave the way for recording new all-time highs in their upcoming trading.
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The (EURUSD) price rose in its last intraday trading, taking advantage of the stability of the critical support at 1.1575, which provided it bullish momentum that helped it to achieve some corrective gains, amid the dominance of short-term bearish wave and its trading alongside supportive trendline for this track.
This rise is supported by the emergence of positive signals on the relative strength indicators, after reaching severe oversold levels previously, while the negative pressure remains valid due to the trading below EMA50, keeping the chances of recovery limited unless it success in surpassing this average steadily.
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