Bitcoin price (BTCUSD) forecast update - 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Bitcoin Price Analysis (BTCUSD)
- Bitcoin price (BTCUSD) touched the 65390.00$ level and encountered solid resistance.
- This led to some temporary bearish bias, affected by stochastic negativity.
- However, the EMA50 continues to provide positive support to the price.
- Waiting for the bullish wave to resume and surpass the mentioned level, targeting additional gains up to 67330.00$.
- Therefore, we continue to suggest a bullish trend for the upcoming period.
- Failure to breach the mentioned resistance will stop the expected rise and push the price lower, targeting testing of 60252.85$ areas initially.
Expected Trading Range for Today:
- Support: 62200.00$
- Resistance: 66000.00$
Trend Forecast:
Bullish
Brent oil price forecast update 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Brent Oil Price Analysis
- Brent oil price is affected by stochastic positivity, trading positively and approaching testing the 84.77$ level.
- As long as the price is below this level, our bearish overview will remain valid for today.
- This bearish view is affected by the previously completed double top pattern.
- We are waiting to test 82.40$ as the first main target.
Expected Trading Range for Today:
- Support: 81.00$
- Resistance: 85.00$
Trend Forecast:
Bearish
Crude oil price forecast update 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Crude Oil Price Analysis
- Crude oil price fluctuates positively to approach testing the key resistance at 79.60$.
- As mentioned this morning, the price needs to hold below this level to keep the correctional bearish trend active.
- Breaching the resistance represents the key to start recovery attempts and achieve gains that reach 81.50$ initially.
- The EMA50 supports the suggested bearish wave.
- Our targets begin at 77.65$ and extend to 75.25$ after breaking the previous level.
Expected Trading Range for Today:
- Support: 76.70$
- Resistance: 79.70$
Trend Forecast:
Bearish
Silver price forecast update 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Silver Price Analysis
- Silver price breached the 26.90$ level clearly and closed the last four hours’ candlestick above it.
- The price is heading towards building a bullish wave targeting the 28.00$ barrier as the first main station.
- Note that breaching 27.40$ will add more confirmation to the continuation of the expected rise.
- Therefore, the bullish bias will be suggested for the rest of the day unless breaking 26.90$ and holding below it again.
Expected Trading Range for Today:
- Support: 26.85$
- Resistance: 27.50$
Trend Forecast:
Bullish