📉 Price
Current price: approximately $183–$184
We see a decline from the resistance zone around $194.56. The price has broken through support at $187.31 and is heading towards lower support at:
🔴 $183.18 – local support (being tested now),
🔴 $175.58 – key support (potential target if current support breaks).
📊 Market structure
Short-term trend: Downtrend (lower highs and lower lows after a rebound from $194.56).
Volume: Increased volume on bearish candles – confirming supply pressure.
Previous trend: Uptrend with strong momentum from July 18th to July 21st.
🔁 Technical Levels
Resistance:
🟢 USD 187.31 – last broken support, now acting as resistance.
🟢 USD 194.56 – strong resistance (tested twice).
🟢 USD 206.43 – local high, strong resistance level from higher timeframes.
Support:
🔴 USD 183.18 – currently being tested.
🔴 USD 175.58 – stronger support from lower swing highs.
📉 Stochastic RSI
Located in the oversold zone (<20) and pointing down.
No upside crossover yet → no buy signal yet.
If a reversal occurs, a technical rebound is possible.
📌 Conclusions and Scenarios
🔻 Downside scenario (more likely currently):
Breakthrough of support at $183.18 ➜ further decline to $175.58.
Potential entry into a correction of the entire upward movement from July 18-21.
🔺 Upside scenario (alternative):
Support at $183.18 held + Stoch RSI signal ➜ rebound to $187.31.
If buying volume increases, a retest of resistance at $194.56 is possible.
Current price: approximately $183–$184
We see a decline from the resistance zone around $194.56. The price has broken through support at $187.31 and is heading towards lower support at:
🔴 $183.18 – local support (being tested now),
🔴 $175.58 – key support (potential target if current support breaks).
📊 Market structure
Short-term trend: Downtrend (lower highs and lower lows after a rebound from $194.56).
Volume: Increased volume on bearish candles – confirming supply pressure.
Previous trend: Uptrend with strong momentum from July 18th to July 21st.
🔁 Technical Levels
Resistance:
🟢 USD 187.31 – last broken support, now acting as resistance.
🟢 USD 194.56 – strong resistance (tested twice).
🟢 USD 206.43 – local high, strong resistance level from higher timeframes.
Support:
🔴 USD 183.18 – currently being tested.
🔴 USD 175.58 – stronger support from lower swing highs.
📉 Stochastic RSI
Located in the oversold zone (<20) and pointing down.
No upside crossover yet → no buy signal yet.
If a reversal occurs, a technical rebound is possible.
📌 Conclusions and Scenarios
🔻 Downside scenario (more likely currently):
Breakthrough of support at $183.18 ➜ further decline to $175.58.
Potential entry into a correction of the entire upward movement from July 18-21.
🔺 Upside scenario (alternative):
Support at $183.18 held + Stoch RSI signal ➜ rebound to $187.31.
If buying volume increases, a retest of resistance at $194.56 is possible.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.