Even as copper prices try to hold their ground above the $5.00 barrier yesterday, a host of negative factors are emerging, as the Stochastic exited overbought levels, while $5.1700 is forming as an important barrier, thus curbing gains.

The price will likely engage in sidewaya trading, while a drop below $5.00 would activate the negative correctional path towards $4.8900, however, a resumption of gain requires a breach of $5.1700.

Expected trading range today is between $4.9000 and $5.1100.

Today’s price forecast: Correctional bearish

Bitcoin price edged higher in intraday trading after leaning on the support of the 50-candle SMA, lending the price some positive momentum, especially as it trades alongside the upward correctional trend line in the short term, with the Stochastic reaching oversold levels compared to the price’s movements. 

Brent crude price kept rising in the intraday levels, boosted by trading above the 50-candle SMA, while moving within an ascending correctional price channel in the short term, with the price about to touch its resistance, coinciding with the Stochastic reaching overbought levels.

US crude oil prices kept rising in intraday trading and successfully pierced the pivotal resistance of $68.00, boosted by trading above the 50-candle SMA, amid the dominance of the upward correctional trend in the short term, while the price moves alongside the trend line.

However, it’s important to note that the Stochastic has reached overbought levels, which could hinder upcoming gains and might force the price into a correction to gather positive momentum and vent off that overbought saturation.