Monthly: The previous month showed strong bullish momentum, but the current month began with a pullback. This suggests a potential movement towards 1910, which coincides with the 50% mark of the previous month's range. If 1910 holds, it could act as a crucial support level.
Weekly Analysis: Two successive bearish candles on the weekly chart indicate a bearish sentiment in the market. A break below the resistance level marked by the recent candle's high may trigger a further decline, potentially targeting the 1930 price zone.
Daily Observations: The daily chart reveals a clear bearish trend, notably seen in the false breakout around 1958, which suggests a strengthening bearish momentum. However, caution is advised as historical support at 1930 might attract the price, leading to false or erratic movements. A more decisive signal would be a sustained 15-minute candle closing below 1930.
4-Hour: Monitoring the 4-hour chart, the focus remains on potential selling opportunities if the price closes below the 1930 level. This could potentially lead to a downward movement targeting the range between 1911 to 1900. Conversely, if the market rebounds and closes around 1950, it might signify a move towards a bullish trend, aiming for approximately 1965.
Each timeframe provides a unique perspective on the market dynamics, combining to form a comprehensive view of potential price movements. These insights aid in decision-making and risk assessment for traders and investors
Weekly Analysis: Two successive bearish candles on the weekly chart indicate a bearish sentiment in the market. A break below the resistance level marked by the recent candle's high may trigger a further decline, potentially targeting the 1930 price zone.
Daily Observations: The daily chart reveals a clear bearish trend, notably seen in the false breakout around 1958, which suggests a strengthening bearish momentum. However, caution is advised as historical support at 1930 might attract the price, leading to false or erratic movements. A more decisive signal would be a sustained 15-minute candle closing below 1930.
4-Hour: Monitoring the 4-hour chart, the focus remains on potential selling opportunities if the price closes below the 1930 level. This could potentially lead to a downward movement targeting the range between 1911 to 1900. Conversely, if the market rebounds and closes around 1950, it might signify a move towards a bullish trend, aiming for approximately 1965.
Each timeframe provides a unique perspective on the market dynamics, combining to form a comprehensive view of potential price movements. These insights aid in decision-making and risk assessment for traders and investors