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Crypto, Crude and Copper: Crash Likely to Be Confirmed by This Week's Close

By Satendra SinghMarket OverviewNov 21, 2022 10:28AM ET
www.investing.com/analysis/crypto-crude-and-copper-crash-likely-to-be-confirmed-by-this-weeks-close-200632630
Crypto, Crude and Copper: Crash Likely to Be Confirmed by This Week's Close
By Satendra Singh   |  Nov 21, 2022 10:28AM ET
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Copper
+0.98%
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CL
-1.08%
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BTC/USD
-0.86%
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Analysis of the movements of (BTC/USD), WTI crude, and Copper futures in the weekly chart indicate a crash is likely to materialize before this year ends as the momentum of the slide is constantly maintained since mid-October.

Bitcoin

Bitcoin Weekly Chart
Bitcoin Weekly Chart


On the weekly chart, Bitcoin started to slide after the formation of a lifetime peak in November 2021. This slide turned steeper since March 2022 after the formation of a ‘bearish crossover’ in the weekly chart in January 2022.

Undoubtedly, Bitcoin price has already reached bearish territory after a breakdown below the 200 DMA since June 2022.

I find that this slide could continue to push the bitcoin toward the lows of March 2020 when it tested a low at $4000.

Crude Oil

WTI Crude Oil Futures Weekly Chart
WTI Crude Oil Futures Weekly Chart

On the weekly chart, WTI maintains a slide slope after testing recent peaks at $130 in March and $123 in June this year.

This sliding looks turned steeper since July after the formation of a ‘bearish crossover’, and the last week’s candle pushed the price below the 9 DMA in the weekly chart could be the initial signal.

Undoubtedly, the current week’s candle is likely to be a bigger one as China's COVID crisis has severely weighed on oil prices in recent weeks.

I find that this slide could turn into a nightmare if the WTI Crude Oil Futures find a breakdown below the immediate support at $76.90. In that case, the next target will be 200 DMA which is currently at $64.79, and a sustainable move below this will be the next confirmation of the crash.

Copper

Copper Futures Weekly Chart
Copper Futures Weekly Chart


Copper futures are sliding on the weekly chart after hitting a lifetime peak in March 2022 at $5.0407.

This slide turned steeper in May 2022 after the formation of a ‘bearish crossover’.

Undoubtedly, Copper futures tried to find support at 200 DMA in July after hitting a low at $3.1357 but face stiff resistance at 26 DMA during the last week, followed by a steep fall.

Undoubtedly this week could be decisive for Copper as this week’s economic data and the fed’s announcement could turn the commodities towards a bearish territory and the Copper Futures will lead this falling spree if a breakdown below the recent support below 200 DMA.

In that cast, the Copper Futures could head to test $2.4929 before moving further down a crash zone.

Disclaimer: The author of this analysis does not have any position in Bitcoins, crude and copper futures. Readers are advised to take any position at their own risk.

Crypto, Crude and Copper: Crash Likely to Be Confirmed by This Week's Close
 

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Crypto, Crude and Copper: Crash Likely to Be Confirmed by This Week's Close

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