

The current analysis highlights a bearish trend for the asset.
The chart exhibits several indicators pointing towards further potential declines.
The chart shows a series of red candlesticks recently, indicating a bearish trend.
The overall trend is bearish, with a series of lower highs and lower lows.
There is a possible breakout zone below the recent low around the 70,000 level, indicating potential further downward movement if this level is breached.
Currently, the MACD line is below the Signal line, which is a bearish signal.
The MACD histogram is in negative territory and shows increasing size, suggesting strengthening bearish momentum.
There are no obvious divergences between MACD and price action, as both show a downward trend.
There is a noticeable spike in volume accompanying the recent price drop, supporting the bearish movement.
A sustained increase in volume during price decreases can indicate institutional selling activity.
Watch for any further volume spikes, as they might signal continuation or reversal.
A key support level is around 70,000, which if broken, can lead to further declines.
Resistance seems to have formed around the 75,000 to 77,000 range based on previous highs and failed retests.
The broader sentiment appears to be bearish, so traders should remain cautious.
Given the bearish indicators, a sell strategy could be considered if the price breaks below the 70,000 support with convincing volume.
Buyers might want to wait for a reversal pattern or bullish crossover in the MACD before entering.
Monitor for confirmation signals such as a bullish candlestick pattern or improvement in MACD for a potential trend reversal.



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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.