The market is currently dominated by bearish sentiment, with persistent downward pressure and a clearly weak trend. From a technical perspective, the daily moving averages are arranged in a bearish pattern, and the price is repeatedly pressured below the short-term moving averages. Each small rebound fails to break through the key resistance level effectively, and the price quickly falls back after reaching a high.
On the 4-hour chart, the price is also moving within a downward channel, fluctuating close to the lower band; short-term corrective strength is weak, making it difficult to reverse the overall bearish structure.
Currently, we are watching the resistance level of 4070-4100 above and the support level of 4020-4000 below. In the short term, focus on trading within this range. It is recommended to short at the high point first and wait for a downward breakout.
On the 4-hour chart, the price is also moving within a downward channel, fluctuating close to the lower band; short-term corrective strength is weak, making it difficult to reverse the overall bearish structure.
Currently, we are watching the resistance level of 4070-4100 above and the support level of 4020-4000 below. In the short term, focus on trading within this range. It is recommended to short at the high point first and wait for a downward breakout.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.