5 August 2025,03:04
Chart The Market
5 August 2025, 03:04
BTC, H4:
Bitcoin (BTC) remains under pressure despite a short-term rebound, currently trading near $114,750 after recovering modestly from last week’s $111,950 low. Price action shows BTC remains locked below a descending trendline and is unable to break through the confluence resistance zone between $114,000 and $116,000 which is a region marked by the 50-SMA and 100-SMA on the chart. The failure to reclaim these levels keeps the broader bearish trend intact, with the recent recovery appearing corrective rather than impulsive.
Momentum indicators reflect a tentative bounce but do not yet support a sustained bullish shift. The RSI has risen to 49, approaching the midpoint but still below the 50-neutral line, suggesting indecisiveness. Meanwhile, the MACD remains negative despite some narrowing of the histogram bars, with both the MACD and signal line still below the zero line which indicates that bearish momentum is merely stalling, not reversing.
Overall, the technical picture for Bitcoin remains bearish-leaning. The recent rebound lacks confirmation, and without a clear break above descending resistance and key moving averages, the path of least resistance remains tilted to the downside. Traders should monitor for either a strong breakout above $116K or a renewed rejection for clues on the next directional leg.
Resistance Levels: 115,101.00, 118,667.00
Support Levels: 109,830.00, 105,441.00
USOIL, H4
USOIL is currently trading near $66.10, struggling to reclaim the $66.66 resistance after a recent pullback from the $69.30 zone. Price action has dipped below the moving averages, with the 200-SMA near $67.40 now acting as a key dynamic resistance. The market recently rejected this cluster of moving averages, reinforcing short-term bearish pressure. The $66.66 level now stands as a key decision zone for bulls aiming to regain control, while support at $64.60 remains crucial to prevent further downside.
Momentum indicators reflect prevailing bearish bias. The Relative Strength Index (RSI) has dropped to 37, approaching oversold territory and signaling weakening buying strength. Meanwhile, the MACD remains below the signal line and in negative territory, with the histogram printing red bars shows the evidence of persistent downward momentum.
Overall, the technical outlook for USOIL remains cautious, with trend structure leaning bearish in the near term. A decisive break above the moving average cluster could signal a shift in momentum, while a rejection could validate a deeper retracement. Traders may watch for a clean move above resistance or a bounce from support to gauge the next directional move.
Resistance Levels: 66.66, 69.30
Support Levels: 64.60, 62.70
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