$OP Technical analysis of the last bearish phase and the most prominent trading areas 🎯📉📈
The markets are currently witnessing the last phase of the downtrend, as an upward movement appeared in
late November 2024 (UTC) that reached a peak at 2.735. However, a double top pattern was formed in mid-December, which led to a decline in the price towards lower levels.
Key points from the technical analysis 🔶
Support and resistance areas 🔸
Major support: 1.584 level (low January 13), a level that shows a significant strength in
buying pressure.
Resistance: 2.35 level, which is considered a major barrier to any upcoming upward movement.
Moving Averages 🔸
Short-term moving average: at 1.7917 (below the long-term average).
Long-term moving average: at 1.9354.
This indicates a continuation of the downtrend, but with relative weakness.
Trading recommendations👌
For cautious investors👈
It is preferable to wait until clearer signals of market stability appear.
In case of an upward breakout👈
Surpassing the resistance at 2.35 may push the price towards higher targets such as 2.735 or higher.
In case of a continued decline👈
Breaking the support at 1.584 may lead to a deeper decline towards 1.40 levels or lower.
Final advice😊
Watch for signs of a change in trend such as increased trading volumes or crossing the moving averages. 🔸