Indicator analysis:
🔹 Bollinger Bands:
The price is moving in a narrow range near the middle line (MB) with relative convergence of the upper and lower bounds.
The lower bound at 103,939.8, the upper at 106,327.6.
This indicates that the price is currently in a consolidation phase before a potential breakout.
🔹 RSI:
RSI (6) at level 37.6 (below 50), indicating relative selling pressure, but it is not in oversold territory yet (below 30).
This means that the bearish trend is still likely.
🔹 MACD:
DIF: -154.8 / DEA: -117.9 / MACD: -36.9
The lines are below zero and show a negative slope, reinforcing the likelihood of continued selling pressure.
🔹 Trading volumes:
We observe a significant decline in trading volumes after strong selling activity.
This retracement reflects traders' hesitation, which may lead to testing nearby supports.
🔹 Moving Averages:
MA(5) = 19,434.3758 (very clear but may be incorrect due to reading error or unconfigured settings)
MA(10) = 18,693.5157 (same observation)
Despite this, the price appears to be moving below the short averages, supporting the bearish trend.
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Expected trend:
✅ The price is currently in a narrow range between 104,000 and 105,000.
✅ The bearish RSI and MACD signals indicate the possibility of continued decline to test the nearest support at around 103,000.
✅ If the 103,000 level is broken with a strong 4-hour candle, the decline may extend to 102,000–101,500.
✅ On the other hand, if the price returns above 105,000 with greater trading momentum, the first real resistance will be at 106,300–106,500 (the upper Bollinger band).
Technical recommendation:
📌 Short term (few hours – one day):
The trend is bearish as long as the price remains below 105,000–105,500.
Strong support at 103,000.
Reversal areas at 103,000 can be monitored for speculative trading.
📌 To confirm the rise:
Closing a 4-hour candle above 105,500 with increased trading volume.
📌 To confirm the continuation of the decline:
Breaking 103,000 with a strong candle and increased selling volume.
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