- The price recently had a strong rally but is now in a short-term downtrend after failing to sustain highs near $1,900.
- The price is currently below the middle Bollinger Band (moving average), signaling bearish momentum.
- A potential support zone is around $1,200, near the lower Bollinger Band.
- Widening Bollinger Bands indicate increased volatility.
- The price is approaching the lower Bollinger Band, which could act as a support level.
- Support: $1,200 (Lower Bollinger Band), $1,000 (Psychological Support)
- Resistance: $1,400 (Middle Bollinger Band), $1,500 (Recent high before drop)
- Bearish Continuation: If selling pressure increases and price breaks below $1,200, it may decline further to $1,000.
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➀➁➂➃➄
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.