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📊 Price Structure Overview
The medium-term trend remains bullish, while the short-term price is undergoing a technical correction/sideways rebound phase after a sharp decline.
The current price is around 4.97xx, sandwiched between the resistance zone above and the support zone below → The market is indecisive and a strong breakout is possible.
🔴Important resistance area
5.10x – 5.14x
synchronous:
Original display area
Fibonacci level 0.382 (~5.139)
Short-term exponential moving averages are suppressing prices
Price tested this area several times but did not close significantly above it → selling pressure remains.
➡️ If a reversal candle (either a needle candle or a bearish engulfing candle) occurs upon reaching this area ← the probability of the trend reversing to the downside is high.
🟢 Support area
4.85 times – 4.86 times
Fibonacci 0.618 (~4.859)
The current price response is good.
4.40x – 4.45x (strong support)
In areas with strong demand, the early collapse hit the bottom.
If the price falls below 4.85x, it will most likely fall to the area indicated by the red arrow.
📐 Exponential Moving Averages and Momentum
Exponential Moving Average 34 and Exponential Moving Average 89:
The price crossed both moving averages downward, indicating weak upward momentum.
The exponential moving average is trending downward and acts as dynamic resistance.
The current structure resembles a bounce in a short-term downtrend.
