A significant resistance level is marked at 32915, which acts as a potential ceiling where the price may encounter selling pressure and struggle to move higher. On the other hand, the support level at 31745 provides a key floor where buying interest might emerge, potentially halting any downward movement.
A moving average line is also present, indicating a moderate upward trend or a sideways movement within the consolidation phase. The recent candlestick patterns display a mix of bullish (green) and bearish (red) candles, signaling indecision in the market. This reflects a balanced struggle between buyers and sellers near the central line of the pitchfork.
From a trading perspective, if the price breaks above the resistance at 32915, it may signal a continuation of an upward trend, encouraging further buying activity. Conversely, a break below the support at 31745 might indicate bearish momentum, potentially leading to further price declines. As long as the price remains within the pitchfork’s channel, it suggests a range-bound market where traders can look for opportunities near the support and resistance levels.
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