Bitcoin and Brent Crude Price Movements: March 17, 2025
Bitcoin price has retreated slightly while seeking support from its 50-period SMA, indicating a potential upward resumption. Brent crude oil tests a significant resistance level at $71.18, while silver declines amid negative signals. The forecasts suggest bullish scenarios for all three assets, provided key support levels are maintained.
On March 17, 2025, Bitcoin experienced a slight decline, finding support from the 50-period simple moving average (SMA). This pullback aims to gather momentum for maintaining the previously established upward trend, bolstered by positive Relative Strength Index (RSI) signals indicating oversold conditions.
Brent crude oil is currently testing a key resistance level at $71.18, which, if breached, may trigger a positive price action. This level is significant as it forms the neckline of a bullish double bottom pattern on the short-term chart, facilitated by ongoing trading above the 50-day SMA and favorable RSI indications, despite the market being in overbought territory.
For the bullish scenario to unfold, the price must surpass the $71.18 resistance. If successful, the next target will be the resistance level at $73.90, maintaining a positive outlook as long as the support at $69.50 is sustained.
Silver prices fell in intraday trading, influenced by negative RSI signals following an overbought phase. This decline likely represents profit-taking from recent peaks, as the market seeks to establish renewed upward momentum. Despite this, silver continues to trade within a primary uptrend and above the 50-day SMA.
The forecast for silver suggests a potential recovery and a return to upward movement, although a retest of the $33.00 support level may be necessary before targeting the $34.00 resistance. This bullish outlook depends on the resilience of the $32.77 support, with a breach likely indicating a downturn.
Bitcoin’s recent price action indicates a minor retreat, relying on support from the 50-period SMA to regain upward momentum. Positive RSI indicators suggest that Bitcoin may continue its upward trajectory in the upcoming sessions, provided the support at $81,970.00 is firmly upheld, with an anticipated price target of $87,000.
In summary, Bitcoin and Brent crude are positioned for potential upward movements, with key resistance levels being pivotal for future price actions. Silver also shows a potential for recovery, contingent on support levels holding firm. Analysts maintain a bullish outlook on these assets as long as key support levels are respected. Investors are encouraged to seek detailed analyses and accurate trading signals through Economies.com VIP Club subscriptions.
Original Source: www.economies.com
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