Neiro Trade analysis
1. Trend Overview:
The price is in a downtrend, with lower highs and lower lows forming.
The price is moving under the MA200 (0.0010281), a long-term indicator of bearish sentiment.
The MA50 and MA100 are also above the current price level, confirming a bearish bias.
2. Support and Resistance:
The nearest support level is around 0.0009370 (the recent low).
The nearest resistance level is around 0.00113800 and 0.001134 (the recent high and MA50 level).
3. Indicators:
MACD: The MACD lines are in a bearish crossover, with the signal line above the MACD line, indicating downward momentum.
RSI (4h Chart): The RSI is hovering around 47, which is neutral. However, it’s coming from overbought levels, suggesting some downward movement might continue.
KDJ (Stochastic): Shows oversold conditions in both charts. On the 1h chart, it's turning up, suggesting a potential short-term bounce.
OBV (On Balance Volume): The OBV shows declining volume, signaling that the selling pressure is strong but weakening.
4. Bias:
Short-term: Neutral/Bearish due to weakening momentum but possible small bounce (as shown on the 1h chart with the stochastic reversal).
Mid/Long-term: Bearish as the price is well below key moving averages and the trend is clearly downward.
5. Entry and Exit:
Entry (Short): Wait for a slight bounce around 0.0009800 - 0.0009950, which could act as resistance.
Stop Loss: Place it above the previous high at 0.0011380.
Take Profit: Look for a drop towards the recent support at 0.0009370, with a potential extension to 0.0008514 for a longer-term trade.