Oil Prices Fall as Bitcoin Seeks Breakthrough
Brent crude oil prices have fallen further, dipping below the key support level of $85.00 on August 26th.
The decline was fueled by a strong bearish wave and negative pressure from trading below the EMA50, despite positive signals from relative strength indicators that reached oversold levels.
Meanwhile, Bitcoin attempted to gain bullish momentum, aiming to breach the resistance level at $80,000. It is currently trading above its EMA50, which serves as a dynamic support base for the dominant bullish trend.
Crude oil also settled lower, leaning on the support level of $79.55, with negative pressure from trading below its EMA50 reducing chances of full recovery in the near term. A rising wedge pattern is also present, adding to the bearish sentiment.