#catizen To understand the potential trend based on this chart:
1. Candlesticks:
The price seems to be moving in a corrective range currently after an uptrend.
If red (bearish) candles continue to appear with high trading volumes, this may indicate a potential downtrend.
2. Moving Averages:
The short-term moving average (MA7) is above the longer-term averages (MA25 and MA99), indicating a near-term uptrend.
If the price breaks MA99 to the downside, a bearish reversal may occur.
3. Volume:
High trading volumes during bearish candles indicate strong selling.
If the trading volume is low, the downtrend may be weak or temporary.
Probability:
If the price maintains its levels above MA99 and continues to rise, the trend may be bullish.
If the nearby support is broken at , with continued selling pressure, we may see additional downside.
Recommendation: Watch the nearby support and resistance levels and read future candles.
