BCOUSD Price Analysis – July 14
The Brent Crude Oil price may reach $70 – $79 level should the Bulls increase their momentum and break up above $70 levels. In case the Bears defend $70 level, the price may consolidate at the level.
Supply levels: $70, $79, $85
Demand levels: $64, $58, $49
BCOUSD Long-term trend: Bullish
Brent Crude Oil is bullish on the long-term outlook. The Bulls dominated the Brent Crude Oil market last week. The price rose above the $64 price level and moved towards the supply level of $70. The oil penetrated the dynamic support and resistance level but not yet above the level.
The Brent Crude Oil has penetrated the 21 periods EMA and 50 periods EMA upside but pulled back after a while. The Stochastic Oscillator period 14 is above 30 levels and the signal lines pointing up to indicate a buy signal. The Brent Crude Oil price may reach $70 – $79 level should the Bulls increase their momentum and break up above $70 levels. In case the Bears defend $70 level, the price may consolidate at the level.
BCOUSD medium-term Trend: Bullish
Brent Crude Oil is bullish on the daily chart. The BCOUSD price was below $64 level two weeks ago when a strong bearish candle formed that pulled back the price. The bullish momentum has resumed after the pullback; this scenario pushed the oil price to penetrate the confluence at $64 level and placed the price towards $70 levels.
The price is currently above the 50 periods EMA and the 21 periods EMA is making an attempt to cross the 50 periods upside. The Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up to indicates buy signal.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
The post BCOUSD Price Is Targeting $70 Price Level appeared first on InsideBitcoins.com.