๐ Morning Trend Analysis โ October 7
From the current market perspective, after failing to push indicators into high positions, the market has seen a pullback, turning recent highs into key resistance levels.
๐ What does this mean?
The chance of a continued rise being blocked by a correction or reversal has increased, providing a solid basis for tactical trades today.
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๐ Technical Indicators:
โข Moving Averages: Formed a death cross, signaling weakening short-term trend
โข RSI: Showing overbought conditions โ combined with price trends, this suggests a possible pullback
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๐ก Action Plan:
โ Trade Zone: 2750 โ 2780
๐ฏ Target: 2650 โ 2600
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โ ๏ธ Summary:
ETH is showing signs of short-term weakness. Watch for rejection at resistance levels and potential downward moves toward targets.
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