WTI Crude Oil: Are we following BTC's previous top? 18/05/22
Shown is an overlay of Bitcoin's previous top ~$69k. We are showing very similar price action of a wide, heavy range at highs, with the micro lower highs on the underside signalling a continuation / blow off top spike is possible.
Product supply is increasing from several refineries opening from maintenance alongside seasonal demand, allowing for the current upward pressure. Longer term problems for crude oil range from high consumer energy prices to a declining SP while $ strengthens. Several COVID spikes globally also once again pose a risk.
This is a fractal that I have been keeping my eye on for quite some time, and is one that I have seen on several assets, across several timeframes.
Product supply is increasing from several refineries opening from maintenance alongside seasonal demand, allowing for the current upward pressure. Longer term problems for crude oil range from high consumer energy prices to a declining SP while $ strengthens. Several COVID spikes globally also once again pose a risk.
This is a fractal that I have been keeping my eye on for quite some time, and is one that I have seen on several assets, across several timeframes.
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Woops, I meant micro higher lows, not lower highs!
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Hnngggggggg
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I think the fractal is likely to break soon.
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Starting to see some indication that this could indeed play out a final plunge to $40... monitoring.