OIL.WTI
Wednesday's session brings a deepening of the discount on the oil market. Looking technically at the H4 chart, there was a true attempt to break the downtrend recently (breaking above the downtrend line), nevertheless, sellers reappeared at the resistance level at $97.50, which was derived from the upper limit of the 1:1 system (purple rectangle). Thus, according to the Overbalance methodology, there is a chance to attack the recent minima at $85.50.
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OIL.WTI H4 interval. Source: xStation5
BITCOIN
Bitcoin remains in a long-term downtrend. Looking technically at the chart of the major cryptocurrency on the H4 interval, the stock is clearly struggling to generate a larger corrective move. The recent rebound from the resistance zone at $25,000 translated into a dynamic downward movement, after which the cryptocurrency left the local upward channel. Thus, there seems to be a chance for a continuation of the southward movement. If such a scenario is realized, the $18,000 level should be considered as a potential target for sellers. On the other hand, in the event of an attempt to rise, currently the level of $20,730 should be taken as key resistance in the short term.
BITCOIN H4 interval. Source: xStation5
US500
Despite the attempt at a rebound seen during today's session, the stock market index quotes remain under selling pressure. Looking technically at the US500 on the H4 interval, the quotes are under the influence of a broad head-and-shoulders formation. It seems that as long as the price stays below the neckline of the said formation (red dotted line), there is a chance to realize the model range of the structure - the level of 3900 points. Before that, attention should also be paid to the support located slightly higher - at 3950 points. The zone marked in green is the result of previous price reactions and measuring 61.8%, which was determined on the last upward wave.
US500 interval H4. Source: xStation5
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