A recent chart analysis based on the 4-hour candlestick shows a bearish engulfing pattern.
This pattern is a strong sell signal, indicating that if the current support level fails to hold, further decline is expected.
Specifically, if the current price level breaks down, it is likely to drop to $1.50. With trading volume increasing and selling pressure mounting, investors need to closely monitor the market situation.
If the $1.50 support level does not hold, a continued downtrend may ensue. Therefore, considering a short position in the short term might be advisable.
As the overall market sentiment is turning bearish, a cautious investment strategy is necessary.
This pattern is a strong sell signal, indicating that if the current support level fails to hold, further decline is expected.
Specifically, if the current price level breaks down, it is likely to drop to $1.50. With trading volume increasing and selling pressure mounting, investors need to closely monitor the market situation.
If the $1.50 support level does not hold, a continued downtrend may ensue. Therefore, considering a short position in the short term might be advisable.
As the overall market sentiment is turning bearish, a cautious investment strategy is necessary.
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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.