Downtrend and Bearish Structure:
The price is moving within a well-defined descending channel (yellow lines), indicating a clear bearish trend. Multiple lower highs and lower lows confirm selling pressure. The moving averages (blue and red lines) are also sloping downward, reinforcing the bearish sentiment.
Breakout or Continuation?
The price is near the lower boundary of the descending channel, with a projected path (light blue line) indicating a possible short-term bounce before further decline. If the price fails to break above resistance (marked in red), the downward trend is likely to continue toward the next major support level (yellow line).
Volume and Market Reaction:
Volume spikes suggest increased selling pressure, particularly during breakdowns. If a strong bounce occurs from the lower trendline, it could indicate temporary support, but sustained buying would be needed to reverse the trend. Otherwise, the next major support level will likely be tested.
The price is moving within a well-defined descending channel (yellow lines), indicating a clear bearish trend. Multiple lower highs and lower lows confirm selling pressure. The moving averages (blue and red lines) are also sloping downward, reinforcing the bearish sentiment.
Breakout or Continuation?
The price is near the lower boundary of the descending channel, with a projected path (light blue line) indicating a possible short-term bounce before further decline. If the price fails to break above resistance (marked in red), the downward trend is likely to continue toward the next major support level (yellow line).
Volume and Market Reaction:
Volume spikes suggest increased selling pressure, particularly during breakdowns. If a strong bounce occurs from the lower trendline, it could indicate temporary support, but sustained buying would be needed to reverse the trend. Otherwise, the next major support level will likely be tested.
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.
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.