

The market asset recently displayed strong bearish indicators, with significant sell-offs. However, there are initial signs of a potential reversal, with some bullish corrections being observed. Traders should keep an eye on key levels for confirming trends.
A large bearish candle was seen, followed by a smaller bullish correction, indicating a potential short-term reversal attempt.
There are no strong candlestick reversal patterns like bullish engulfing or hammer, suggesting a developing base for support.
The overall trend on the 4-hour chart remains bearish, with recent downward momentum, but a minor upward correction can be noted.
The MACD line is under the Signal line, indicating a bearish crossover with bearish momentum in the market.
The MACD histogram is negative but shrinking, hinting at decreasing bearish momentum and potential stabilization.
No clear divergences are evident; the price and MACD seem aligned concerning momentum.
Volume has notably increased with the recent downward price movements, supporting a bearish breakdown.
The high volume indicates strong selling pressure, reinforcing the recent downtrend's validity.
Traders should watch for any volume shifts that might support a reversal.
An immediate support is forming around the 86,000 level, with the price rebounding from there.
Breaking 88,000 resistance is critical for a bullish outlook, as it remains a significant level of concern.
Market participants should observe price behavior around these levels for guidance.
Consider buying only if price breaks above 88,000 with strong volume, signaling a potential upward trend.
Opportunities for selling arise if the price cannot sustain above 87,000, especially with increasing volume.
Traders should monitor for a potential double-bottom pattern or strong reversal signals at current levels.



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Secured By SSL. Copyright © Axia Trade. All rights reserved. 2024
Company Information: This website (www.axiainvestments.com/) is operated by Smarttool Trading SC Limited, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD034. Smarttool Trading SC Limited is located at Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles.
Partner company Marketvalley Ltd provides business operation services for Smarttool Trading SC Limited, office address: Archiepiskopou Makariou III, 198 Marinos Court, 1st Floor, Flat/Office 13, 3030, Limassol Cyprus, registration number HE415749.
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Smarttool Trading SC Limited does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Smarttool Trading SC Limited does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Smarttool Trading SC Limited is not a financial adviser.