NEIROETH/USDT SHORT
The chart highlights the following key points: Current market structure: The price has reached a resistance zone (indicated as "Weak High") and entered the premium zone. This may indicate that a local peak is approaching and a correction is possible. There is a clear uptrend with several "BOS Long" signals (upward breakout of the structure) confirming the upward movement. The price has reached the previous local maximum and is experiencing some resistance at these levels. Indicators: MACD is showing signs of weakening the uptrend as the MACD lines are converging and a bearish crossover may occur. RSI (Relative Strength Index) is already above 61, indicating that the asset is potentially overbought and there is a possibility that the price will start correcting downwards in the near future. Zones of interest: Premium zone: Is above the 0.5 Fibonacci level, which suggests that traders may sell or take profits. Strong support level: Is located at around 0.055. This area could be a potential target for a pullback if a correction occurs. Forecast for the next 12 hours: At the moment, there are signs of a possible short-term downward price correction based on the weakening bullish momentum in the indicators and resistance at the Weak High level. The price is expected to move lower towards the nearest significant support level (in the 0.075-0.080 area) before continuing higher if the uptrend continues to hold.
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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.