Coin Coach Signals
--
Technical Analysis of SOMIUSDT Perpetual on Binance (1-Hour Chart)
Current Snapshot (as of the right side of the chart):
Cost: Approximately $0.84 to $0.85
Date and time: 26 Sep '23, 08:51 UTC 53:51 UTC
Last candle: A short red candle that follows several green candles, which may indicate indecision or a minor pullback after a minor bounce.
1. Identifying the price action and trend:
Overall Trend: SOMIUSDT is in a very strong and evident downtrend, similar to the previous chart you sent me. The price has been registering lower highs and lower lows since it peaked at about $1.50 on or earlier than September 17th.
Impulse and Correction: The decline has good bearish impulse waves and weak, fleeting corrective bounces only. These bounces fail to reclaim any ground or penetrate earlier levels of resistance.
Support and Resistance:
Immediate Resistance: The declining moving averages (MAs) are functioning as favorable dynamic resistance. Earlier swing lows now serve as static resistance, such as around $0.90 and $1.05.
Immediate Support: The level is currently above a recent support of around $0.80-$0.81. This appears to be a level of support that has developed in the past day.
2. Moving Average (MA) Analysis:
Configuration: All the moving averages depicted (most probably short- to long-term, such as 20, 50, 100, or 200 periods) are trending downwards and obviously bearish (the shortest is below the longer ones).
This is a very significant indication that there is a dominant and lasting downtrend in a lot of short- to medium-term timeframes.
Dynamic Resistance: The price is far below all of these moving averages. Price has never managed to cross above the yellow (shortest) or red (second shortest) MAs during the minor bounces. These MAs are serving as major overhead resistance. This chart indicates that bears are applying immense pressure to the market to sell.
3. Examining the Relative Strength Index (RSI):
The RSI (bottom pane) indicates that prices are falling, primarily remaining below the 50-level.
Current Reading: The RSI is currently around 40.40. This indicates that momentum remains bearish in orientation but has increased from levels too low to sell recently.
Bounce from Oversold: RSI actually did fall below 30, the oversold region, on about September 25th. This likely assisted the price chart to bounce somewhat before it found resistance.
No Bullish Divergence: This clip doesn't depict a clean bullish divergence (where the price makes lower lows but the RSI makes higher lows), which typically indicates that a trend could be ready to reverse.
Bearish Signals at a Glance:
There is a solid downtrend with lower highs and lower lows that continue to occur.
The price trades well below all the falling moving averages.
The MAs, acting as moving resistance, have established a bearish setup.
RSI indicates bearish momentum, although it recovered somewhat from being overbought.
Potential Short-Term Outlook (Very Speculative):
The little bounce from the $0.80–$0.81 area indicates that some individuals wish to purchase at these lower levels.
However, as it approaches the immediate moving average resistance, represented by the yellow line around $0.86–$0.87, the bounce appears to be losing momentum.
Since the overall trend is very bearish, any rally will soon be over and provide a profit opportunity for sellers.
To consider a reversal of the trend, the price must penetrate a series of significant resistance levels (not excluding the MAs) with heavy volume and begin to form higher lows and higher highs.
Conclusion: In the 1-hour chart, SOMIUSDT Perpetual is in a strong bearish trend. There is substantial technical evidence indicating that the market is in decline. declining. There can be minor bounces, but the path of least resistance appears to be down. Anyone who is bullish needs to be careful, and trend followers still prefer shorting on rallies that come up to resistance.
@Somnia Official #Somnia $SOMI
Cost: Approximately $0.84 to $0.85
Date and time: 26 Sep '23, 08:51 UTC 53:51 UTC
Last candle: A short red candle that follows several green candles, which may indicate indecision or a minor pullback after a minor bounce.
1. Identifying the price action and trend:
Overall Trend: SOMIUSDT is in a very strong and evident downtrend, similar to the previous chart you sent me. The price has been registering lower highs and lower lows since it peaked at about $1.50 on or earlier than September 17th.
Impulse and Correction: The decline has good bearish impulse waves and weak, fleeting corrective bounces only. These bounces fail to reclaim any ground or penetrate earlier levels of resistance.
Support and Resistance:
Immediate Resistance: The declining moving averages (MAs) are functioning as favorable dynamic resistance. Earlier swing lows now serve as static resistance, such as around $0.90 and $1.05.
Immediate Support: The level is currently above a recent support of around $0.80-$0.81. This appears to be a level of support that has developed in the past day.
2. Moving Average (MA) Analysis:
Configuration: All the moving averages depicted (most probably short- to long-term, such as 20, 50, 100, or 200 periods) are trending downwards and obviously bearish (the shortest is below the longer ones).
This is a very significant indication that there is a dominant and lasting downtrend in a lot of short- to medium-term timeframes.
Dynamic Resistance: The price is far below all of these moving averages. Price has never managed to cross above the yellow (shortest) or red (second shortest) MAs during the minor bounces. These MAs are serving as major overhead resistance. This chart indicates that bears are applying immense pressure to the market to sell.
3. Examining the Relative Strength Index (RSI):
The RSI (bottom pane) indicates that prices are falling, primarily remaining below the 50-level.
Current Reading: The RSI is currently around 40.40. This indicates that momentum remains bearish in orientation but has increased from levels too low to sell recently.
Bounce from Oversold: RSI actually did fall below 30, the oversold region, on about September 25th. This likely assisted the price chart to bounce somewhat before it found resistance.
No Bullish Divergence: This clip doesn't depict a clean bullish divergence (where the price makes lower lows but the RSI makes higher lows), which typically indicates that a trend could be ready to reverse.
Bearish Signals at a Glance:
There is a solid downtrend with lower highs and lower lows that continue to occur.
The price trades well below all the falling moving averages.
The MAs, acting as moving resistance, have established a bearish setup.
RSI indicates bearish momentum, although it recovered somewhat from being overbought.
Potential Short-Term Outlook (Very Speculative):
The little bounce from the $0.80–$0.81 area indicates that some individuals wish to purchase at these lower levels.
However, as it approaches the immediate moving average resistance, represented by the yellow line around $0.86–$0.87, the bounce appears to be losing momentum.
Since the overall trend is very bearish, any rally will soon be over and provide a profit opportunity for sellers.
To consider a reversal of the trend, the price must penetrate a series of significant resistance levels (not excluding the MAs) with heavy volume and begin to form higher lows and higher highs.
Conclusion: In the 1-hour chart, SOMIUSDT Perpetual is in a strong bearish trend. There is substantial technical evidence indicating that the market is in decline. declining. There can be minor bounces, but the path of least resistance appears to be down. Anyone who is bullish needs to be careful, and trend followers still prefer shorting on rallies that come up to resistance.
@Somnia Official #Somnia $SOMI
Ansvarsfriskrivning: Inkluderar åsikter från tredje part. Ingen ekonomisk rådgivning. Kan innehålla sponsrat innehåll. Se användarvillkor.