Bitcoin continues the correction. WTI is close to make new mid-term high and AUDUSD broke an important long-term support

Bitcoin continues the correction, which started on Monday. We are still inside of the wedge and above the major up trendline so the chances for the bullish breakout are much higher. In case that we would break the up trendline, the potential downswing can lead us to the support on the 4900 USD.

Pressure on the 52.6 USD on the WTI Oil rises. We tested that level again yesterday and so far the bearish bounce is very small. That can indicate that sellers are slowly abandoning this resistance and that the bullish breakout is near.

AUDUSD breaks a very important long-term support on the 0.775, which was respected as a S/R from the August 2016. That movement was triggered by the worse CPI data from Australia. There is also H&S pattern here but even without breaking the neckline the sentiment is already negative.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis