On the chart (TRUMP/USDT on the 1-hour timeframe). $TRUMP
Directional Bias: Neutral to Bearish (Short-term)
1. Range-Bound Structure (Consolidation):
a) Price is clearly ranging between two horizontal zones(support and resistance).
b) Multiple wicks on both ends indicate indecision and absorption of liquidity by both bulls and bears.
2. Lower Highs & Weak Rejections at Resistance:
a) Recent highs are failing to break the previous highs, showing selling pressure at the upper range.
b) This suggests bull exhaustion and an increased chance of a breakdown if the lower support fails.
3. Support Testing Repeatedly:
a) The more a level is tested, the weaker it becomes, increasing the probability of a breakdown.
4. EMA Cluster Compression:
a) The short EMAs are converging and turning flat to slightly downward.
b) This reflects a loss of momentum and potential for a directional shift downward.
As long as price remains within this tight range, the bias remains neutral.