Price action analysis on the 4-hour frame
๐น Current price: 0.08839 USDT
๐น Change over 4 hours (approximately): -9% (notable decline)
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1๏ธโฃ Technical indicators
โ Bollinger Bands
Upper limit: 0.11001
Lower bound: 0.09245
Average: 0.10123
โก๏ธ The current price is below the minimum, reflecting strong selling pressure and a potential short rebound opportunity.
โ RSI indicator (6)
RSI reading around 20.75 on the daily frame, and on the 4 hours it may be similar or slightly lower, confirming an oversold condition.
โก๏ธ This increases the likelihood of a temporary technical rebound.
โ MACD indicator
Values on the 4-hour frame show a negative crossover (DIF less than DEA).
The indicator is below zero, reflecting the continuation of the short-term downtrend.
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2๏ธโฃ General trend for the 4-hour frame
๐ด The downtrend is clear:
The highs and lows are decreasing (Lower Highs & Lower Lows).
The recent candles are relatively long in the decline, reflecting strong selling momentum.
๐ด Trading is below the short-term moving averages (the averages were not shown in the images, but can be inferred from Bollinger), reinforcing the weakness of the upward trend.
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3๏ธโฃ Support and resistance levels (4 hours)
๐ด Current support:
Psychological level: 0.08750
Next support (short term): 0.07922
๐ข Nearby resistance:
0.09245 (Lower Bollinger limit on the daily frame)
0.10123 (Bollinger average)
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4๏ธโฃ Forecast on the 4-hour frame
๐น Bearish scenario (more likely):
The price may test support at 0.08750 or drop slightly below it before any rebound attempt.
As long as the price is below 0.09245, the trend will remain bearish.
๐น Positive scenario (temporary correction):
Due to the low RSI, a short rebound (Scalp) towards 0.09245 โ 0.094 may occur, but it is contingent on weak momentum.
Trading volume should be monitored carefully.
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๐ฅ Recommendation for the 4-hour frame ๐ฅ
โ Trend: Clearly bearish.
โ Possible rebound signals, but they are very short and high risk.
โ Active traders are advised to take advantage of a rebound if it occurs (Scalp).
โ For medium/long-term traders: wait for confirmed reversal signals like:
RSI exceeds 30 again.
Positive crossover for the MACD indicator.
Reversal candle (Hammer, Bullish Engulfing).
