
The chart illustrates a combination of bullish and bearish sentiments, with potential reversals indicated by recent patterns and technical indicators.
While the asset encounters resistance, the downward momentum signified by certain indicators suggests careful monitoring.
The chart shows a generally bullish trend over the observed period, with a series of higher highs and higher lows.
Around the middle of the chart, there is a noticeable bullish engulfing pattern, suggesting upward momentum.
Near the recent candles, there’s a potential doji, indicating market indecision which may suggest a possible reversal or consolidation.
The MACD line is below the Signal line, indicating a bearish crossover recently occurred, which may suggest decreasing momentum.
The histogram is below the zero line and widening, reinforcing bearish sentiment and indicating increasing downward momentum.
There is no significant divergence observed between price action and the MACD, confirming the bearish sentiment.
Volume spikes are observed at several points, particularly during bullish runs, indicating strong buyer interest.
Recent increase in volume does not fully support the price decline, which may indicate selling pressure is not overwhelmingly strong or is temporary.
The spike in volume around the earlier bullish movements suggests potential institutional buying.
Key support level can be identified around 114,000, where previous pullbacks have bounced.
The area near 117,000 represents strong resistance, as seen by recent price rejections.
Consider a cautious approach; monitor for confirmation of the bearish crossover in MACD before positioning for possible short-term declines.
Await a clear breakout above the resistance for buy signals, or a breakdown below support for sell signals.
Look for further volume spikes to validate any upcoming breakout or breakdown.
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Secured By SSL. Copyright © Seekapa. All rights reserved. 2024
Company Information: This website (www.seekapa.com.com/) is operated by Bluepine Ltd, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD183. Bluepine Ltd is located at Suite 205, 2nd Floor, Waterside Property Limited, Eden Island, Seychelles
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Bluepine Ltd does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Bluepine Ltd does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Bluepine Ltd is not a financial adviser.