1. Support and Resistance
• Support: The chart has generally moved within a rising wedge formation, but the direction after the break is downward. In the current situation, it seems that the 57% level can work as a strong support.
• Resistance: The 60% level area remains a significant resistance and was rejected after being tested.
2. Formations and Formation Reversals
• Formation: A rising wedge formation is observed, which is generally a bearish formation. The breakout also occurred downwards.
• Reversal: An upward fake-out appears to have occurred, but there is downward pressure again.
3. Trend Direction
• Trend: The general uptrend appears to have been broken. A downward correction is likely.
4. Target and Prices
• First target: 54% level may be the next support.
• Longer term target: 50%-48% levels can be tested.
5. Indicators
Indicators are not specified in the chart, but we can make the following assumptions:
• RSI: It may have broken out of the overbought zone.
• MACD: Likely to show a downward crossover.
6. Strategy
• Short-term investors: Horizontal movement can be observed between 57%-60%. Stop loss can be placed below 57%.
• Medium-term investors: A buying opportunity at 54%-50% levels can be evaluated.
• Long-term investors: Taking large positions should be avoided until the general trend change is confirmed.
7. Recommendation
• There is currently a high risk of a downward breakout. For those who want to buy, 54% and 50% support levels can be monitored.
• To take a new position, you can wait for the formation to be completed and the price to recover again.