For short term (1H tf), downtrend consolidation is more likely to break because: * volume is low / making LL, indicating the absence of big players (institutions) therefore the trend might not get strength to reach to the resistance. * RSI is making LL, opposite to the price uptrend thus price is more likely to reverse. * The price might find a resistance at its 50 MA (EMA), which it is so close to. * The price is under both 50 MA & 200 MA indicating that it’s in downtrend. * The last 15 candles seems to made contracting consolidation indicating that high chance for reversal of the little uptrend. * Formation of bearish flag
CONSLUSION:
* Price might target to nearest demand zone, else the nearest resistance.
For long term, * MA of 50 period in monthly timeframe slopes downward showing that the trend is downtrend. * Resisted from lev 0.5 (1.23051) in weekly fib retracement, and might fall to lev 0.38. * Daily timeframe uptrend reversal * Daily timeframe Fibonacci retracement from level 0 and might further fall to level 0.23, or 0.38 * Daily timeframe RSI fail to make new HH, RSI is overbought, it might face to the lower bond (≈30) coming from the upper bond(70)
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