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Brent Crude Hits $82 as But Risk Looms

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High Volume for brent futures

The oil price surged sharply this week after conflict in the Middle East pushed Brent crude futures (ICEEUR:BRN1!) to $82, marking its biggest shock in months. Brent is the global oil benchmark, widely used to price international crude, which makes it the clearest measure of the oil price reaction to geopolitical risk.

The breakout is tracked on the CFD (Contract for Difference) charts, which reflect price structure but not actual positions. However, futures data from ICE Futures Europe confirmed real traders entered the market, validating the oil price surge as both a geopolitical and positioning-driven move.

Oil Price Surge and Rising Dollar Create Early Stress at $82

The oil price jumped from around $72 to $82 after US-Israeli strikes on Iran. The retaliation raised fears of supply disruption through the Strait of Hormuz, a critical route carrying nearly one-fifth of global oil flows. This sudden repricing added a war premium, meaning traders pushed the oil price higher due to expected supply risk rather than immediate shortages.

This shock triggered a gap-up opening in Brent crude oil. Such moves often face early stress because markets tend to retest part of the jump before continuing higher.

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That stress appeared near $82, as Brent crude oil corrected to $79.

The latest candle closed red with elevated volume. Volume in red indicates more trading occurred as the oil price corrected post-gap-up, indicating active selling pressure.

High Volume for brent futures
High Volume: TradingView

At the same time, the US Dollar Index (DXY), which tracks dollar strength against major currencies, has also been rising. Since oil trades globally in dollars, a stronger dollar makes oil more expensive for international buyers. A bearish sign.

DXY Rising
DXY Rising: TradingView

But another key indicator shows the full picture. Open interest, often called OI, has risen sharply on Brent futures (ICEEUR:BRN1!). Rising open interest means new traders are entering the market rather than closing positions. This validates the short-term bullish bias.

Oil Price And Open Interest
Oil Price And Open Interest: TradingView

This shows the oil price is not falling due to a lack of interest. Instead, the market is absorbing selling while new positions continue building. However, traders need to keep an eye out for the flattening open interest.

Price rising while open interest is flat means the move is likely driven by short covering, not new buying, so the trend is weaker and may not sustain.

OPEC Supply Increase Adds Future Risk Even as War Drives Current Price

At the same time, OPEC, the Organization of the Petroleum Exporting Countries, announced it would increase production by 206,000 barrels per day starting in April. OPEC is a group of major oil-producing nations that control a large share of global supply.

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Normally, a higher supply reduces the oil price because more oil becomes available.

However, the oil price continued rising because war risk affects supply immediately, while OPEC’s production increase happens later. This creates a conflict between short-term supply fears and longer-term supply growth.

The Strait of Hormuz remains central to this risk. Even the possibility of disruption is enough to keep traders cautious and maintain upward pressure on the oil price. This also explains why open interest has started to flatline and why selling pressure emerged after the gap-up opening, as traders remain cautious about chasing the oil price higher while the risk of sudden supply and macro shifts remains elevated.

Futures Positioning Shows Market Is Preparing for a Larger Oil Price Move

Futures positioning shows the oil price breakout is attracting strong participation. The sharp rise in open interest on Brent crude oil futures (ICEEUR: BRN1!), seen earlier, confirms that traders are actively opening new positions as volatility increases.

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This positioning trend is spreading beyond traditional markets. Platforms like Aster, a crypto-based derivatives exchange, have launched oil perpetual futures.

The rise in oil trading on crypto platforms shows how widespread the positioning has become. It reflects broad positioning across financial markets.

Key oil price levels are tracked using the Brent crude CFD, while the Brent crude oil Futures are used to track volume and open interest.

Key Resistance
Key Resistance: TradingView

Per the chart, the first resistance remains $82, which aligns with the Fibonacci retracement (mentioned later).

If the oil price breaks above $82, the next target becomes $85, based on the ascending channel breakout projection. Above that, the next resistance levels appear at $93 and $104 if geopolitical risk continues. Adding to this current strength is the Exponential Moving Average (EMA) positioning.

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This measures the average price over time while giving more weight to recent data, and recently confirmed a golden crossover where the 50-day EMA crossed above the 200-day EMA, a signal that previously preceded the latest upward move. The 100-day EMA is now rising toward the 200-day EMA, showing strengthening trend support.

EMA Patterns
EMA Patterns: TradingView

If that bullish crossover confirms, the $85 target, based on the ascending channel’s projection, might show up first.

However, the most important support level is $75.

Crude Oil Price Analysis
Crude Oil Price Analysis: TradingView

If the oil price falls below $75, it could decline toward $73 and $71. However, the bullish structure only weakens on possible peace talks and a dip under $67.

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Crypto World

Bitcoin, Altcoins Shake Off War Worries By Rallying Toward Range Highs

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Bitcoin, Altcoins Shake Off War Worries By Rallying Toward Range Highs

War in the Middle East failed to sink Bitcoin (BTC) below the $63,000 level. That may have attracted buyers who are attempting to maintain the price above $69,000. However, a quick recovery is unlikely. Macroeconomic newsletter Ecoinometrics said in a post on X that deep drawdowns generally unfold slowly, advising “patience rather than urgency.” 

Data shared by Bitwise Europe head of research André Dragosch shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%. Although BTC is down roughly 50% from its all-time high, its three-to-five year realized price of $34,780 shows that investors who bought and held during the period are sitting on large profits.

Crypto market data daily view. Source: TradingView

The big question on traders’ minds is when to buy BTC. BitMEX co-founder Arthur Hayes said in a blog post that every military action by the US Presidents in the Middle East since 1985 has resulted in monetary expansion by the Federal Reserve. If the current conflict stretches, the likelihood of a similar action by the Fed increases.

Could buyers push BTC and major altcoins above their resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) continues to trade between the 6,775 support and the 7,002 resistance, indicating buying on dips and selling on rallies.

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SPX daily chart. Source: Cointelegraph/TradingView

The longer the time spent inside the range, the stronger the eventual breakout from it. If the price turns down and breaks below the 6,775 level, it suggests that the bears have overpowered the bulls. That may start a deeper correction toward the 6,550 level.

Buyers will have to push and maintain the price above the 7,002 resistance to signal the start of the next leg of the uptrend. The index may then surge to the 7,290 level.

US Dollar Index price prediction

The US Dollar Index (DXY) skyrocketed above the 50-day simple moving average (97.91), indicating aggressive buying by the bulls.

DXY daily chart. Source: Cointelegraph/TradingView

The index might rally to the 99.50 level and thereafter to the 100.54 resistance. Sellers are expected to fiercely defend the 100.54 level, as a close above it suggests the start of a new uptrend.

This positive view will be negated in the near term if the price turns down and breaks below the 20-day exponential moving average (97.67). That opens the doors for a drop to the 96.21 to 95.55 support zone.

Bitcoin price prediction

BTC has formed a symmetrical triangle pattern, indicating a balance between supply and demand.

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BTC/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are attempting to strengthen their position by pushing the Bitcoin price above the resistance line. If they manage to do that, the BTC/USDT pair may surge to the breakdown level of $74,508. A close above the $74,508 level will be the first sign that the pair may have bottomed out at $60,000.

Alternatively, if the price turns down from the $74,508 level and breaks below the 20-day EMA, it suggests that the bears remain active at higher levels. That may result in a range formation between $60,000 and $74,508.

Ether price prediction

Ether (ETH) remains range-bound between $1,750 and $2,111, indicating a tough battle between the bulls and the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will have to secure a close above the $2,111 resistance to seize control. If they manage to do that, the ETH/USDT pair may rally to the 50-day SMA ($2,427) and, after that, to $3,045.

Contrary to this assumption, if the Ether price turns down from the $2,111 level, it suggests that the consolidation may continue for a few more days. The bears will be back in the driver’s seat on a close below $1,750. That clears the path for a collapse to the $1,537 level.

XRP price prediction

XRP (XRP) is struggling to rise above the 20-day EMA ($1.42), but a positive sign is that the bulls continue to exert pressure.

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XRP/USDT daily chart. Source: Cointelegraph/TradingView

If buyers push the XRP price above the 20-day EMA, the XRP/USDT pair may rise to the 50-day SMA ($1.63) and later to the downtrend line. A close above the downtrend line will signal a potential trend change.

Instead, if the price turns down from the 20-day EMA and breaks below the support line, it indicates that the bears remain in control. There is support at $1.11, but if the level gives way, the decline may extend to $1.

BNB price prediction

BNB (BNB) has been trading inside the $570 to $670 range for a while, indicating buying at lower levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($633) is flattening out, and the relative strength index (RSI) is gradually climbing higher. That suggests the selling pressure may be reducing. The bulls will attempt to drive the BNB price above the $670 level. If they can pull it off, the BNB/USDT pair may soar to the 50-day SMA ($742).

Sellers are likely to have other plans. They will attempt to defend the $670 level and pull the price below the $570 support. If they succeed, the pair may plummet to psychological support at $500.

Solana price prediction

Buyers have pushed Solana (SOL) above the 20-day EMA ($86), indicating demand at lower levels.

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SOL/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will attempt to halt the relief rally at $95, but if the bulls prevail, the SOL/USDT pair may soar toward $117. Such a move suggests that the Solana price may have bottomed out in the short term.

Contrary to this assumption, if the price turns down from the overhead resistance, the pair may swing between $76 and $95 for a while longer. A break below the $76 support signals the resumption of the downtrend to $67.

Related: Will Bitcoin crash if oil prices hit $100 per barrel?

Dogecoin price prediction

Dogecoin (DOGE) has been trading between the 20-day EMA ($0.10) and the $0.09 support for the past few days.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

If the $0.09 level gives way, the DOGE/USDT pair may retest the Feb. 6 low of $0.08. Buyers are expected to vigorously defend the $0.08 level, as a close below it may start the next leg of the downtrend to $0.06.

The bulls will have to propel the Dogecoin price above the 20-day EMA to signal strength. The pair may then rally to the breakdown level of $0.12, where the bears are expected to step in.

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Bitcoin Cash price prediction

Buyers are attempting to sustain Bitcoin Cash (BCH) above the $443 support, but the bears have kept up the pressure.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

The downsloping moving averages and the RSI near the oversold zone increase the likelihood of a breakdown. There is minor support at $423, but it is likely to be broken. The BCH/USDT pair may then plunge to $377.

Any rebound off the $443 level is expected to face selling at the moving averages. Buyers will have to push the Bitcoin Cash price above the 50-day SMA ($546) to gain the upper hand.

Cardano price prediction

Cardano (ADA) continues to trade inside the descending channel pattern, indicating that the bears remain in command.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

If the Cardano price sustains below the 20-day EMA ($0.28), the bears will attempt to tug the ADA/USDT pair below the $0.25 support. If they manage to do that, the pair may tumble to the support line. A strong rebound off the support line suggests that the pair may remain inside the channel for a while longer.

The bulls will have to push and retain the price above the downtrend line to signal a potential trend change. The pair may then climb toward $0.43.

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