OIL.WTI
This week oil prices fell close to levels not seen since January, amid persistent demand concerns. Looking technically at the H4 chart, one can notice that despite negative sentiment, buyers managed to defend key support at $85.50, which is marked by a lower limit of the 1:1 structure and previous price reactions. However, should break below the aforementioned support occur, downward move may deepen towards next major support at $76.50, which coincides with 61.8% Fibonacci retracement of the upward wave launched in December 2021.
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OIL.WTI H4 interval. Source: xStation5
BITCOIN
The most famous cryptocurrency price fell below the lower limit of the consolidation zone at $19,500-20,500, that is more or less of equal size as the previous upward correction in the current downward impulse started on August 15, 2022. Break below points to continuation of the bearish trend and the next target for sellers is located around $17700, which coincides with 78.6% Fibonacci retracement of the bullish wave started in March 2020.
BITCOIN H4 interval. Source: xStation5
US2000
Taking a look at the Russell 2000 (US2000) chart at D1 interval, we can see that the recent upward move on the index was halted slightly below the resistance zone marked with 50% retracement of the downward move launched in November 2021. Subsequent pullback pushed the index back below 23.6% retracement at 1840 pts and if current sentiment prevails, downward move may accelerate towards the 1,700 pts support zone, where June lows are located.
US2000 interval D1. Source: xStation5
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