Key Observations:
1. Price Position:
The price is currently testing a psychological resistance level at $100,000.
2. Moving Averages:
EMA(5) and EMA(10) are above EMA(30), which indicates a short-term bullish trend. However, the upward momentum seems to be slowing.
3. Candlestick Patterns:
The last candlestick shows a significant wick at the top, indicating rejection near $104,630.40, which might suggest selling pressure.
4. Volume:
Recent high volume might indicate strong market activity. However, if accompanied by downward price movement, it could signal selling pressure.
5. Long/Short Ratios:
Aggregated Long/Short Ratio is below 1, suggesting slightly more sellers (0.9695).
Top Trader Long/Short Ratio (1.729) and Longs vs. Shorts (1.105) indicate that larger traders are favoring longs.
Potential Scenarios:
Upside: If buyers hold the $100,000 level and volume supports upward momentum, the price could test higher levels.
Downside: Rejection at this psychological level with increased selling pressure could lead to a pullback, targeting support near $92,000.
Likely Move: Monitor volume and price action near $100,000. If rejection continues with declining momentum, a short-term drop is more likely.
