$INIT
#INIT Bearish pattern like a Descending Channel🔻
Downward Trend : The overall trend of the chart is downward, with the price decreasing over time.
Red Candles : The presence of multiple red candles indicates that the sellers are dominating the market, pushing the price down.
Moving Averages : The short-term moving averages (MA(7) and MA(25)) are below the long-term moving average (MA(99)), which is a bearish signal.
Relative Strength Index (RSI): Although the RSI value is not visible in the image, the downward trend and presence of red candles suggest that the RSI might be below 30, indicating an oversold condition.
Based on these observations, the bearish pattern in this image is likely a Descending Channel or a Bearish Trend. However, without more information or a clearer view of the chart, it's difficult to pinpoint the exact bearish pattern.
It's essential to note that technical analysis is subjective, and different traders may interpret the same chart differently. Therefore, it's crucial to consider multiple perspectives and use various indicators to make informed investment decisions.
