FXS entered a descending channel on February 8th, which was confirmed by several upward and downward touches within this channel. However, recently the price broke below the trendline and we are witnessing a consolidation below the trendline, indicating a more bearish market trend.
Within the range of $4 to $4.30, we have a strong support line that has acted as support multiple times and caused price increases. This range can be a good opportunity for short-term entry and buying, and it has the potential to change the overall trend.
However, overall, I am not optimistic about the market these days, and I expect further decline for the market, especially for altcoins.
⚠️"Daily crypto market analyses I provide are personal opinions & not financial advice. Trading carries risks, so do your own research & seek advisor's help."
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Unfortunately, with a small difference from my entry point, the price returned and I could not enter this position 😒