From the hourly chart, the current price is clearly struggling to rise at a key resistance level. Recent attempts to break upwards have all resulted in long upper shadows, indicating that each time it reaches a high, there is strong selling pressure, and the bulls are unable to keep up.
This continuous occurrence of long upper shadows suggests that the bears are gradually gaining the upper hand. As the resistance level continues to be confirmed as effective, market sentiment is turning cautious, and bearish forces are steadily strengthening. If the previous market trend has already been weak, then the current pattern of rising and falling could very likely signify the beginning of a decline. The following observation should focus on the performance of the support level below; once it is breached, the downward trend may accelerate.
