Current Price Context: The current price of $2.113 is below some of the moving averages indicated in recent analysis (e.g., MA5, MA10, MA20 around $2.20 - $2.21). This suggests that the price is currently facing some short-term bearish pressure based on these indicators.
* RSI: While an upward trend in RSI was noted in previous analysis, the current price being below short-term MAs might indicate a pullback or consolidation phase where the RSI could be moderating.
* Ascending Channel: The previously mentioned ascending channel on the 4-hour timeframe is still a relevant pattern to watch. The current price of $2.113 would place it somewhere within this channel, closer to the lower support trendline if the channel is still holding.
* Key Support Bounce: The significant bounce from the $2.30 level mentioned in earlier analysis suggests this remains a crucial support zone. The fact that the price has fallen below it indicates that this support was broken, and it might now act as a potential resistance on any upward move.
Support Levels (Based on Current Price):
Given the current price of $2.113, here are the updated support levels to watch in the next 8 hours:
* Immediate Support:
* Likely around the lower trendline of the ascending channel (if the pattern is still valid). The exact price of this support will depend on the angle and time progression of the channel.
* Potentially around the $2.00 - $2.05 range. This is a psychological level and could act as minor support.
* Secondary Support:
* The previous significant support at $1.81 (recent low) remains a crucial level if the price continues to decline.
* Resistance:
* The previous bounce level of $2.30 will now likely act as a short-term resistance.
* Short-term moving averages (around $2.20 - $2.21) will also likely act as resistance.
* The upper trendline of the ascending channel will be the main resistance to overcome for any significant upward movement.
Fundamental Analysis (Next 8 Hours - Remains the Same):
* No significant fundamental shifts are expected in the next 8 hours. Price action will likely be driven by technical factors and overall market sentiment.
* Continue to monitor broader market sentiment and any immediate news related to Paris Saint-Germain.
Overall Sentiment:
The short-term technical sentiment appears neutral to slightly bearish given the current price below some short-term moving averages and the break below the $2.30 support. The price action within the potential ascending channel needs to be monitored closely. If the lower trendline of the channel breaks, further downside towards the $1.81 support could be possible. Conversely, a move back above $2.30 would signal renewed short-term bullish momentum.
