A bounce is observed, but the price remains under selling pressure, as seen from the upper rejection wicks.
Previous support of 213 has been broken, and 210 acts as minor resistance.
2. Indicators:
Bollinger Bands: The price is slightly below the middle band, signaling weak momentum to the upside.
MACD: Showing a mild bullish crossover, but the histogram remains weak.
Stochastic RSI: Near 95, indicating the market is overbought and a pullback is likely.
3. Order Book:
Higher sell pressure around 208.5–209, with buy orders clustered near 207. This suggests a likely pullback towards 207 before any significant upward movement.
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Trading Strategy
Short Trade Setup (Preferred):
Entry: Between 208.5–209 (near resistance).
Stop-Loss: 210.5 (above recent resistance and Bollinger mid-band).
Take-Profit: 205 (next strong support).
Long Trade Setup (Risky):
Entry: If price drops to 205–206 and shows signs of support holding (volume spike or bullish candles).
Stop-Loss: 203.5 (below support).
Take-Profit: 208.5 (resistance).
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Recommendation
The market appears overbought short-term; favor a short position around 208.5–209, targeting 205.
Avoid long entries until clear support at 205 is confirmed.