The trend is downward, evidenced by a series of lower highs and lower lows. The price has been steadily declining, with the latest bottom at $2,603.53.
Support and Resistance Levels:
- Support: $2,603.53 (recent low), $2,599.78 (lower bound near the recent low)
- Resistance: $2,627.73 (recent high before the decline), $2,655.68 (higher resistance level)
Candlestick Analysis:
- The most recent candlestick shows a small green body after a series of red candles, indicating a possible short-term recovery or pause in the downtrend. However, it lacks strong buying momentum, so the recovery may be limited.
Volume Analysis:
- There was a significant spike in selling volume during the last few red candles, indicating strong selling pressure. However, the recent green candle's volume is relatively lower, which suggests weak buying interest.
Indicators:
- MACD: The MACD line is below the signal line, confirming the bearish momentum, but it shows signs of flattening, which might suggest a possible trend reversal.
- RSI: At 33.13, the RSI is near the oversold territory, indicating that the price might experience a short-term bounce.
Trading Recommendations
- Short-Term Entry: Consider entering a short position near the current price level of $2,618.38, as the overall trend remains downward.
- Stop-Loss: Place a stop-loss above the nearest resistance at $2,655.68 to protect against an unexpected reversal.
- Take-Profit: Target the previous support level around $2,599.78.
Given the RSI and the oversold conditions, watch closely for any bullish signs for a potential short-term long position, but maintain caution due to the prevailing bearish trend.
Trading recommendation: đ Enter a short position at $2,618.38 with 7x leverage, stop-loss at $2,655.68, and take profit at $2,599.78. Vote For Now
