š§ Chart Overview
Current Price: ~101,831.79 USDT
Price Action: Recent strong red candle shows bearish pressure.
Timeframe: Daily (1D)
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š£ Key Technical Levels
1. Major Resistance Zone (highlighted in purple):
Between approx. 115,000 ā 125,000 USDT
Multiple rejections from this zone indicate strong seller dominance.
2. Fibonacci Retracement Zone:
Appears to be drawn from a recent swing low to swing high.
0.5 and 0.618 levels are being tested, indicating potential demand/support.
3. Support Level:
Horizontal white line at ~93,373 USDT marked as strong support.
Matches previous price action and possible demand zone.
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š Indicators
RSI (Relative Strength Index):
Current RSI: ~43.50
Below the midline (50), indicating bearish momentum.
But not oversold yet (<30), so more downside is possible.
Moving Average (Yellow Line on RSI):
RSI is below the MA, reinforcing bearish trend in the short term.
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š Market Sentiment
The market recently got rejected from a major resistance area.
It is now retesting a key Fibonacci zone and local support.
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š Summary & Outlook
Direction Reason
š Bearish (Short-term) Rejection from major resistance, bearish candlestick pattern, RSI below 50
š Possible Bounce If support near 100,000 or Fib 0.618 holds, short-term bounce possible
š Risk Zone If price breaks below 93,373 USDT, strong sell-off likely
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ā Suggested Next Steps
Watch for a daily close: If it closes below the 0.618 Fib or under 100k, expect further downside.
Confirmation Needed: For bulls, a bounce from this Fib zone with RSI recovery is essential.
Volume Analysis: Not shown here, but increasing sell volume would confirm bearish trend.