{"id":324008,"date":"2024-06-15T08:22:39","date_gmt":"2024-06-15T02:52:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=324008"},"modified":"2024-06-15T08:22:39","modified_gmt":"2024-06-15T02:52:39","slug":"closing-in-on-cluster-of-resistance-in-the-79-00s-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/closing-in-on-cluster-of-resistance-in-the-79-00s-crypto-news\/","title":{"rendered":"Closing in on cluster of resistance in the $79.00s &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Oil is rising up to a cluster of daily major moving averages in the $79.00s.\u00a0<\/strong><\/li>\n<li><strong>These will probably present a tough level of resistance for the commodity.\u00a0<\/strong><\/li>\n<li><strong>The persistence of the short-term uptrend will depend on a decisive break of this resistance barrier.\u00a0<\/strong><\/li>\n<\/ul>\n<p>WTI Oil is trading in the $78.50s during the US session on Friday.\u00a0<\/p>\n<p>On the 4-hour <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\" data-fxs-autoanchor=\"\">chart<\/a> used to assess the short-term trend Oil has decisively broken out a falling channel and reached the conservative target for the breakout at $78.17 (Fibonacci 0.618 extension of the width of the channel extrapolated higher).\u00a0\u00a0<\/p>\n<h3 class=\"fxs_headline_medium\">Oil 4-Hour Chart\u00a0<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_WTI US OIL_2024-06-14_13-38-57-638539694692230267.png\"><\/a><\/p>\n<p>Since breaking out of the channel, Oil is probably now in a short-term uptrend with the odds favoring more upside in the short-term, given \u201cthe trend is your friend\u201d. However, it has now reached its initial target so is vulnerable to a pullback.\u00a0<\/p>\n<p>A breakout above the last lower high of the prior downtrend at $80.36 (May 29 high) would provide added bullish confirmation and extend the uptrend higher. Such a move might be expected to reach the next key target at $83.50 (April 29 high and top of chart gap).\u00a0<\/p>\n<p>The direction of Oil is less clear on the daily chart used to assess the intermediate term trend.\u00a0<\/p>\n<h3 class=\"fxs_headline_medium\">Oil Daily Chart<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_WTI US OIL_2024-06-14_13-19-01-638539695137220055.png\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_WTI%20US%20OIL_2024-06-14_13-19-01-638539695137220055.png\" style=\"width: 800px;height: 361px\" \/><\/a><\/p>\n<p>The key feature on the daily chart is the cluster of resistance in the $79s from all three major Simple Moving Averages (SMA) \u2013 the 50, 100 and 200-day SMAs. This is likely to present a considerable barrier to more upside and could be an inflection point for Oil price.\u00a0<\/p>\n<p>It would require a close on a daily basis above $80.36 (May 29 high) to confirm a successful break above resistance from the three SMAs and a continuation up to a target at $83.50.\u00a0<\/p>\n<p>WTI Oil appears to be trading within a broad long-term range between $64.00 and $93.00 on the weekly chart. This suggests the long-term trend is probably sideways.\u00a0<\/p>\n<h3 class=\"fxs_headline_medium\">Oil Weekly Chart<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_WTI US OIL_2024-06-14_13-18-36-638539695869495942.png\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_WTI%20US%20OIL_2024-06-14_13-18-36-638539695869495942.png\" style=\"width: 800px;height: 361px\" \/><\/a><\/p>\n<p>Last week\u2019s red club-shaped candlestick could be a sign the move down has completed and Oil price may be reversing. Similarly-shaped candlesticks often punctuate the end of down moves in asset prices. It is possible Oil price could be about to begin a bullish sequence higher.\u00a0<\/p>\n<p>The 200-week SMA has acted as reliable support on multiple occasions in 2023-24 and is providing support again at the current week\u2019s lows. The reliability of the 200-week SMA further enhances the case for a bullish reversal.\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil is rising up to a cluster of daily major moving averages in the $79.00s.\u00a0 These will probably present a tough level of resistance for the commodity.\u00a0 The persistence of the short-term uptrend will depend on a decisive break of this resistance barrier.\u00a0 WTI Oil is trading in the $78.50s during the US session on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,683,252,247,253,249,256,254],"class_list":["post-324008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oil","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/324008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=324008"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/324008\/revisions"}],"predecessor-version":[{"id":324011,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/324008\/revisions\/324011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6375"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=324008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=324008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=324008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}