Chart Analysis
1. Trend
Descending Channel: The price is trading within a well-defined downward (bearish) channel, marked by two parallel blue trendlines.
Lower Highs & Lower Lows: This pattern indicates sustained selling pressure and a bearish sentiment in the short term.
2. Support & Resistance
Support: The lower boundary of the channel (~$143) is acting as immediate support.
Resistance: The upper boundary of the channel (~$150) is acting as resistance.
3. Volume
Volume: The volume bars at the bottom show no significant spike, suggesting no strong buying interest yet.
4. Order Book
Slight Sell Pressure: The order book shows 56.17% ask (sell) vs. 43.83% bid (buy), indicating more sellers than buyers at the moment.
Outlook: Where Could It Go Next?
Bearish Scenario (More Likely in Current Trend)
If the price fails to break above the upper channel line (~$150), it may continue to drift lower, potentially testing the next support zone around $142 or even lower.
A breakdown below the channel could accelerate the decline.
Bullish Scenario
If bulls manage to push the price above the upper channel (~$150) and sustain it, a reversal could be signaled, targeting previous highs around $154 and beyond.
Watch for a breakout with increased volume for confirmation.
Actionable Tips
If Trading Short-Term: Consider shorting or waiting for a confirmed breakout above the channel before buying.
If Investing Long-Term: Wait for a clear reversal signal or accumulation phase before entering.
