- The price is currently trading below the middle Bollinger Band, which is typically a 20-day simple moving average. This indicates weakness and suggests that the short-term trend is turning bearish.
- After the sharp rebound in April, price has been unable to make new highs. The chart shows a lower high structure, indicating diminishing bullish momentum.
- The 33.00–33.50 zone, previously a support area, now acts as resistance. Price rejection in this zone reinforces bearish control.
- Recent daily candles show multiple bearish rejections (long upper wicks), followed by red candles. Sellers are consistently active above the midline.
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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.