Overall Trend:
The chart shows a clear downtrend as represented by lower lows and lower highs on a larger timeframe, confirmed by the moving averages (200-period and 50-period). The price has been trading below both the 200-period and 50-period SMAs, which suggests bearish momentum.
Fibonacci Levels: There is a Fibonacci retracement applied on a recent downward move. The price appears to have retraced to the 61.8% level before reversing again, indicating that this level served as strong resistance.
Key Levels:
Support: Around 0.84573, this seems to be a significant support level, likely the target for the bearish continuation.
Resistance: The 61.8% Fibonacci retracement level and the horizontal line near 0.87067 serve as resistance levels.
Technical Indicators:
Fibonacci Retracement: The chart shows the 38.2%, 50%, and 61.8% retracement levels. The price failed to break above the 61.8% level and is now showing signs of bearish continuation, which is a typical signal in a downtrend.
Trendline Break: The upward trendline drawn on the chart has been broken, signaling a potential reversal to the downside.
The chart shows a clear downtrend as represented by lower lows and lower highs on a larger timeframe, confirmed by the moving averages (200-period and 50-period). The price has been trading below both the 200-period and 50-period SMAs, which suggests bearish momentum.
Fibonacci Levels: There is a Fibonacci retracement applied on a recent downward move. The price appears to have retraced to the 61.8% level before reversing again, indicating that this level served as strong resistance.
Key Levels:
Support: Around 0.84573, this seems to be a significant support level, likely the target for the bearish continuation.
Resistance: The 61.8% Fibonacci retracement level and the horizontal line near 0.87067 serve as resistance levels.
Technical Indicators:
Fibonacci Retracement: The chart shows the 38.2%, 50%, and 61.8% retracement levels. The price failed to break above the 61.8% level and is now showing signs of bearish continuation, which is a typical signal in a downtrend.
Trendline Break: The upward trendline drawn on the chart has been broken, signaling a potential reversal to the downside.
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