Market Overview: Bitcoin and Commodity Prices Facing Bearish Trends
Bitcoin price has notably declined after reaching a resistance level, with predictions of further drops. Wheat and sugar prices have shown significant bearish trends, while soybean prices may face downward pressure after a temporary increase. The outlook for multiple commodities is largely negative as traders prepare for potential further declines.
Bitcoin (BTCUSD) experienced a significant decline yesterday, sharply dropping after reaching the resistance level of 87,055.00. This decline brought the price down to 80,474.40, which corresponds to the 50% Fibonacci correction level calculated from the range of 52,600.00 to 108,350.45. Currently, there is considerable negative pressure suggesting that the price may fall further, anticipating additional bearish corrections in the near future.
Similarly, the price of wheat reflected considerable negativity yesterday, dropping below the anticipated support level of 568.50, which opens up prospects for further declines in both the intraday and short-term contexts. The next target for wheat prices appears to be 543.70, indicating sustained bearish sentiment.
In the sugar market, prices decisively broke below the 19.40 mark, effectively negating the previously established bullish trend. This shift suggests a return to the broader downward trajectory, with initial targets beginning at 18.42 as the market adopts a bearish bias in upcoming sessions.
The soybean market showed some recovery, managing to reach just shy of the target price of 1,031.90 before bouncing back. Despite these temporary gains, forecasts predict a continuation of the downward trend, likely leading to a breakthrough of the mentioned level and targeting the 1,015.20 area as the next critical point of interest.
In summary, the cryptocurrency and commodity markets are currently facing notable bearish pressures. Bitcoin is expected to see further declines following its recent downward action. Wheat and sugar have also demonstrated significant negative trends, while soybean may soon follow suit despite a brief respite. Market participants should brace for continued volatility as these trends develop.
Original Source: www.economies.com
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