Deep Analysis*
1. Key Price Levels:
Resistance: $104,630.4 (recent high).
Support: The 24-hour low is $94,039.7, which might act as a potential support level.
2. Moving Averages (EMA):
The price is currently below the EMA(5) ($98,803.6) and EMA(10) ($98,056.05). This shows bearish pressure in the short term.
The EMA(30) ($92,630.35) is further below, which could act as the next support if the price continues downward.
3. Volume Analysis:
Sell Volume is higher than buy volume (Sell: 172.2K vs Buy: 154.5K).
A large red volume bar suggests strong selling momentum, reinforcing the bearish sentiment.
4. Long/Short Ratios:
Aggregated Long/Short Ratio: 0.8957 (<1 indicates more shorts than longs, which supports a bearish outlook).
Top Trader Long/Short Ratio (Positions): 1.805 (more long positions, which could signal potential liquidation risks if prices drop further).
Longs vs Shorts (Accounts): 1.402 (>1 indicates more accounts are long-biased, but the price drop could trigger stops).
5. Candle Pattern:
The large red daily candle indicates strong downward momentum. If no reversal candle forms soon (like a hammer or engulfing pattern), the price may continue to fall.
6. Market Sentiment:
With the sharp rejection from the $104,000 area, the sentiment appears bearish in the short term.
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Conclusion:
The chart suggests the price is likely to continue downward unless a key support level (e.g., $94,000 or the EMA(30)) holds. Monitoring upcoming candles for reversal signs and overall market conditions is crucial to anticipate the next move.
