Weekly Technical Outlook: Long-Term Inflection Points on Bitcoin (BTC/USD), WTI Crude Oil & USD/CHF


 Looking for pullbacks, potential reversals or range plays?

I’ve got you covered with these long-term setups that might play out soon!

Check out these inflection points being tested:

Bitcoin (BTC/USD): 4-hour

Bullish on crypto lately?

Don’t miss out on this channel support test by BTC/USD!

Bitcoin has formed higher lows and higher highs over the past month and might be in for another leg higher if current levels attract more bulls.

Moving averages are suggesting a continuation of the climb, which might take price back up to the channel resistance near $26,000 or at least until the mid-channel area of interest.

Stochastic is also heading north, so BTC/USD could follow suit while bullish momentum stays in play.

Just tread carefully since price is forming a bearish flag pattern right at the bottom of the channel, which means that a break below the consolidation could be followed by a reversal from the uptrend.

WTI Crude Oil (USOIL): 4-hour

If you’re hoping to catch a simple range setup, then this one might be right up your alley!

WTI crude oil has been pacing back and forth between support around $73.50 per barrel and resistance at $81.50 per barrel.

The commodity price is closing in on the top of its range soon, so this might be an opportunity for sellers to jump in. After all, Stochastic has been hovering around the overbought region for a while, reflecting a buildup in selling pressure.

If the top of the range holds as a ceiling, crude oil could slump back to the bottom or at least dip back to the middle, which happens to line up with the dynamic support at the moving averages.

Note that the 100 SMA is below the 200 SMA to hint that the range resistance is more likely to hold than to break.

USD/CHF: Daily

Here’s one for my forex trading buddies out there!

USD/CHF is still in the middle of a correction from its selloff, as the pair is closing in on the nearest upside barrier at the 38.2% Fib.

Bearish signals seem to be lining up, with the 100 SMA holding as dynamic resistance near the retracement level and Stochastic starting to turn lower.

However, a higher correction might still reach the 50% Fib closer to the 200 SMA and the .9600 major psychological mark. The line in the sand for a bearish pullback would be right around the 61.8% level at .9730.

If any of these are able to keep gains in check, USD/CHF could make its way back down to the swing low close to the .9050 minor psychological level sooner or later!