Bitcoin’s price is poised for potential upward movement, targeting $87,000 if support at $81,970 remains firm. Conversely, Ethereum is likely to decline toward $1,755 given its bearish outlook below $2,000. The Euro vs Dollar strives to reach resistance at 1.0945, while oil aims for $70.40 amid positive momentum, depending on support retention.

In recent intraday trading, Bitcoin’s price has seen a slight retreat while relying on support from its 50-period simple moving average. This movement aims to build positive momentum to maintain the ascending corrective wave prevailing in its short-term trading, bolstered by a series of encouraging RSI signals after reaching extreme oversold conditions.

Our outlook for Bitcoin suggests a potential resumption of upward movement in the coming sessions, contingent on the near support at $81,970.00 remaining robust. Should this support hold, we extend our price target to $87,000, indicating a positive trend for Bitcoin.

Meanwhile, Ethereum (ETHUSD) is currently experiencing a narrow sideways trading range. Despite this, the asset has maintained support from positive RSI signals following its extreme oversold condition, which has minimized losses as it attempts to counteract the primary downtrend. However, resistance related to the 50-period simple moving average, coupled with a short-term downward trendline, has intensified negative pressure, causing the price to retreat.

The forecast for Ethereum appears bearish, especially as it remains below the psychological level of $2,000.00; thus, we anticipate a decline toward the key support level at $1,755.00.

In the Forex market, the Euro vs. Dollar pair has gained positive momentum during intraday trading, targeting the crucial resistance level at 1.0945. This positive movement stems from trading above the 50-period simple moving average. However, the RSI has reached overbought levels, which may inhibit the breakthrough.

Our outlook for this currency pair remains focused on the attempt to breach the resistance level at 1.0945. Success in this endeavor could lead to the next target at 1.1030, although breaking below the support level at 1.0820 would curtail this upward trajectory and heighten the risk of depreciation.

Oil is advancing in intraday trading, supported by trading above its 50-day simple moving average. Despite positive RSI indications, the recent gains may face limitations as the RSI has reached overbought levels. The recent upward trend has confirmed oil’s breakout above a descending price channel, positioning it to challenge the neckline of a forming double bottom bullish pattern.

We anticipate further price appreciation for oil, aiming for a significant resistance level at $70.40. This bullish outlook hinges on the support at $66.40 remaining intact, as breaching this level could stymie the upward corrective wave.

In summary, Bitcoin shows potential for recovery towards $87,000 if support holds, while Ethereum faces bearish pressure below $2,000, targeting $1,755. The Euro vs Dollar pair aims for 1.0945, amid positive momentum, and oil strives to reach $70.40, contingent upon maintaining vital support. These insights reflect the ever-changing dynamics of the financial markets.

Original Source: www.economies.com

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