Lower highs and lower lows, bearish candlestick pattern

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On the 1H timeframe, the trend appears bearish as the recent candles show lower highs and lower lows, clearly indicating a downtrend. The price has recently bounced from a resistance level around 3130.00, forming bearish candlestick patterns. The MACD indicates a weakening momentum, as shown by decreasing histogram values, and the ATR suggests volatility is decreasing, which aligns with a potential pullback or continuation of the trend. The entry point is just below the recent low, with a stop-loss placed above the previous high to navigate volatility. The take-profit target aligns with the support level identified previously.

Entry Price: $3110.0000
Stop Loss: $3117.0000
Take Profit: $3090.0000
Risk-Reward Ratio: 2

Confluence: Lower highs and lower lows, bearish candlestick pattern
Indicators: ATR, EMA, MACD

Penafian

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