Bitcoin (BTCUSD) Price Analysis

• Bitcoin price (BTCUSD) faced clear negative pressure yesterday to break 65391.74$ level and settle below it, as it was affected by the rising wedge pattern that appears on the chart, to fall under the correctional bearish pressure again, on its way to achieve negative targets that start by visiting 60252.85$ areas.

Expected Scenarios

• The bearish bias will be suggested for today, noting that breaching 65391.75$ will stop the expected negative pressure and push the price to start new recovery attempts.

Trading Range

• The expected trading range for today is between 61500.00$ support and 65600.00$ resistance.

Trend forecast: Bearish

Wheat Price Analysis

• Wheat price rallied upwards yesterday to succeed achieving our new waited target at 614.10$, and we suggest breaching this level to achieve more gains in the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, noting that our next target reaches 635.00$.

Expected Scenarios

• Therefore, the bullish trend scenario will remain valid and active on the intraday and short-term basis conditioned by the price stability above 597.10$.

Trading Range

• The expected trading range for today is between 600.00$ support and 620.00$ resistance.

Trend forecast: Bullish

Soybean Price Analysis

• Soybean price rebounds bearishly after approaching our waited target at 1193.10$, to head towards potential test to the breached resistance of the bearish channel that appears on the chart, noticing that stochastic shows clear oversold signals now, while the EMA50 provides positive support to the price.

Expected Scenarios

• Therefore, we believe that the chances valid to resume the bullish trend in the upcoming sessions, waiting to test 1193.10$ mainly, noting that breaking 1170.00$ followed by 1157.20$ levels will stop the bullish wave and push the price to resume the main bearish track again.

Trading Range

• The expected trading range for today is between 1155.00$ support and 1193.00$ resistance.

Trend forecast: Bullish

Corn Price Analysis

• Corn price managed to break 449.20$ level and approaches to retest the previously breached neckline of the inverted head and shoulders’ pattern that appears on the chart, which forms key support now at 443.00$, as the price needs to consolidate above this level to keep the correctional bullish scenario active, which its next target reaches 461.90$.

Expected Scenarios

• Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 443.00$ will push the price to achieve more decline and test 433.504 as a first negative target.

Trading Range

• The expected trading range for today is between 440.00$ support and 455.00$ resistance.

Trend forecast: Bullish