The chart analysis clearly shows some pivot points that traders, especially in the futures area, should pay attention to. On the chart we see clear resistance and support levels, where the pivot point at 0.00165000 is the separation point that I mentioned earlier. If a daily candle closes below this point, this will be a confirmation of the upcoming downtrend.
Technical analysis of indicators:
Japanese candlesticks: They give successive buy and sell signals, but the general trend seems to be bearish if the close is confirmed below 0.00165000.
Relative Strength Index (RSI): Currently at 46.66, indicating the market is heading towards the oversold zone, but it is not enough confirmation of a reversal unless other critical levels are broken.
MACD Indicator: It appears bearish with the blue line crossing below the orange line, indicating a weakness in the buying momentum.
Time points and fractal geometry:
Referring to the time cycles and fractal geometry we discussed in previous articles, this time cycle is approaching a critical pivot area, and a momentum reversal is expected to occur soon.
If the price continues to fall below 0.00165000, the next target will be at 0.00125000. This point represents a major support level, and if broken, the market will be ready for further decline.
Advice for speculators:
For futures traders, it is advisable to be cautious and confirm the trend based on the daily close. If we see continued trading below the pivot point of 0.00165000, this will be considered a confirmation of the downtrend, and the previously mentioned level of 0.00125000 is expected to be targeted. Therefore, it is advisable to manage risks wisely and wait to make sure that the daily candles close below this level before making any investment decisions, which contributes to protecting capital and achieving effective trading.
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