Chart analysis: bitcoin and Tullow Oil
Just a couple of weeks after making a record high, independent analyst Alistair Strang runs his software for clues about bitcoin's future direction. He also looks for signs of life at oil company Tullow.
3rd June 2025 07:34
by Alistair Strang from Trends and Targets
Bitcoin
From our perspective, closing above $105,000 dollars was important for bitcoin as it “proves” the potential of some future traffic upward.
Movement next above $112,000 calculates with the potential of a lift to $120,213 next with our longer-term secondary, if bettered, working out at $135,800. One interesting aspect of bitcoin's price movements emanates from the price now mapping itself against each day's closing prices, rather than day trade highs and lows.
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For us, this is quite a happy thing as it makes life easier when looking for danger points. At present, below $92,000 would provide the first solid signal of reversals ahead.
We can also make the point about the circled area on the chart below, this being a point where bitcoin managed to close below the uptrend. In summary, should the price dip below such a level at $52,000, we shall swiftly revert to suggesting folk buy a pair of running shoes and escape a terrible future.
Source: Trends and Targets. Past performance is not a guide to future performance.
Tullow Oil
Tullow Oil (LSE:TLW) is finally scratching the itch which has been rotten share price movements. Too often, price movements here have felt like a share price being artificially managed.
Tullow share price has finally closed above the downtrend since May of last year, giving very slight hope things may have changed.
Movement next above just 15.8p calculates with the potential of a lift to an initial 16.4p. Our secondary, should such a mild target be exceeded, works out at 20.5p and an expectation of some hesitation, given price price movements from August to December last year.
Closure above 20.5p shall be regarded as a really big deal, opening a wild series of calculations which point to a future 41p eventually.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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