1. General price movement:
The hourly chart shows a price decline from around USD 66,500 to the current USD 61,792, confirming the current downward trend.
2. Moving Averages (MA):
• MA(7) crossed MA(25) from top to bottom, which signals a downtrend.
• The current price is also below MA(99), which confirms the weakness of buyers and the presence of bearish sentiment.
3. RSI indicator:
• RSI(6) = 7.58 and RSI(12) = 18.45 are extremely oversold levels, indicating the possibility of a short-term rebound or price consolidation.
• RSI(24) = 27.16 is also in the oversold zone, which confirms the presence of significant pressure from sellers.
4. MACD indicator:
• DIF, DEA, and MACD are showing bearish divergence. The indicator values are below the zero line, which confirms the downward momentum.
• There are no clear reversal signals, indicating the likelihood of the downward trend continuing.
5. KDJ indicator:
• K=29.19, D=33.23, and J=21.11 – also indicate oversold conditions, but a rebound is possible in the near future.
6. Trading volumes:
• There is significant volume on the last candles, indicating that selling pressure is increasing. This also confirms the risk of further price decline.
Recommendations:
• A small rebound or price consolidation is possible in the short term given the strong oversold levels on the RSI and KDJ.
• If there is no rebound, the next support level is USD 60,821.
• Short-term traders may consider entering short positions if the price consolidates below USD 61,092 or long positions if a reversal is confirmed and the price rises above MA(7).
The current bearish signals are strong, so it is worth considering the risks before opening positions.
