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In the chart you provided, we observe the following key points:
Breakout below the key levels: The price broke below the consolidation range and the moving averages, leading to a significant bearish move. Traders who noticed the breakdown could have capitalized on this downward movement.
Purple weekly trendline: This trendline is acting as a strong resistance. After the breakdown, the price is now hovering just above the trendline, which could act as a support for now, potentially leading to a bounce. However, if the price breaks below it, it could continue the downtrend.
Fibonacci levels: The chart also shows Fibonacci retracement levels, where the price has tested lower levels after falling through the 33% retracement. If the price breaks below the weekly trendline (purple), it could continue its decline toward lower Fibonacci levels.
RSI (Relative Strength Index): The RSI is approaching the oversold region, indicating that the price may be due for a reversal or consolidation before a further move down.
Summary:
The chart indicates a clear bearish breakout below key levels and the weekly trendline acting as resistance. Traders who recognized the breakdown could have made profits by shorting the market. Currently, the price is testing the weekly trendline for support, and the RSI suggests the market may be oversold, signaling a potential rebound or further decline depending on whether the trendline holds.https://www.tradingview.com/x/nrJgTmZ0/
Breakout below the key levels: The price broke below the consolidation range and the moving averages, leading to a significant bearish move. Traders who noticed the breakdown could have capitalized on this downward movement.
Purple weekly trendline: This trendline is acting as a strong resistance. After the breakdown, the price is now hovering just above the trendline, which could act as a support for now, potentially leading to a bounce. However, if the price breaks below it, it could continue the downtrend.
Fibonacci levels: The chart also shows Fibonacci retracement levels, where the price has tested lower levels after falling through the 33% retracement. If the price breaks below the weekly trendline (purple), it could continue its decline toward lower Fibonacci levels.
RSI (Relative Strength Index): The RSI is approaching the oversold region, indicating that the price may be due for a reversal or consolidation before a further move down.
Summary:
The chart indicates a clear bearish breakout below key levels and the weekly trendline acting as resistance. Traders who recognized the breakdown could have made profits by shorting the market. Currently, the price is testing the weekly trendline for support, and the RSI suggests the market may be oversold, signaling a potential rebound or further decline depending on whether the trendline holds.https://www.tradingview.com/x/nrJgTmZ0/
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