Price Action Analysis: Bearish Continuation or Bullish Reversal
Technical Analysis:
The price experienced a significant decline of approximately 3.9% over the past week, as previously highlighted.
Currently, a potential retest of the 20550 or 20660 levels is anticipated. Sustained stability below these levels would reinforce the bearish trend, paving the way for a decline toward 20330, with a further drop to 20130 if this level is breached.
On the other hand, if the price stabilizes above 20660, confirmed by a 1-hour or 4-hour candle close, it would signal a shift to a bullish trend, targeting a move toward 20860.
Key Levels:
Pivot Point: 20550
Resistance Levels: 20660, 20860, 21070
Support Levels: 20330, 20130, 19950
Trend Outlook:
Bearish below 20550 and 20660
Bullish above 20660
The price experienced a significant decline of approximately 3.9% over the past week, as previously highlighted.
Currently, a potential retest of the 20550 or 20660 levels is anticipated. Sustained stability below these levels would reinforce the bearish trend, paving the way for a decline toward 20330, with a further drop to 20130 if this level is breached.
On the other hand, if the price stabilizes above 20660, confirmed by a 1-hour or 4-hour candle close, it would signal a shift to a bullish trend, targeting a move toward 20860.
Key Levels:
Pivot Point: 20550
Resistance Levels: 20660, 20860, 21070
Support Levels: 20330, 20130, 19950
Trend Outlook:
Bearish below 20550 and 20660
Bullish above 20660
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