BTC/USD

Bitcoin formed a short term top near to $60,000 at 361.8% weekly retracement level and corrected later till $53000 level. For the week, its trading near its first support area of $57000 that is also 100 hourly SMA. On a weekly basis, RSI is slowing down and showing negative divergence. The next major support is at $56000 level, if it breaks; correction might extend upto $45000. While on the higher side, if it sustains above the recent all time high next it might go up to  $70487 which is 423.6% retracement level.

GOLD

After six weeks of correction, Gold managed to show some strength within the past 2 weeks. It corrected almost 15% from its peak at $1959. A higher bond yield and a strong Dollar is putting pressure on the prices of Gold. On a weekly chart, Gold is having a major support at $1648 that is 78.6% retracement and weekly 100 SMA. While on the higher side $1770 will act as the strong resistance which is 127.2% retracement and also a previous swing low.

CRUDE OIL

It was a volatile week for crude oil. It corrected more than 11% for the week after a strong bullish rally since last November. It corrected more than $5 a barrel in a single day which was the largest correction since April 2020. Increasing Covid cases globally raises the risk of another strict lockdown, which might impact the demand of Oil. Prices started a deep correction exactly near from its previous two tops and 78.5% retracement level which was at $71.76. On the downside, it has a major support at 61.8% retracement level $59.68 while on the higher side it has to cross its recent high of $71.38 to continue its upward trend.

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