looking at this analysis with the D1 time frame, the price is right at the strong resistance and the resistance is in direct contact with the trendline.
This trendline forms a downtrend channel.
I also see a hammer candle which we can interpret as one of the indicators of a rejection and the beginning of a possible reversal/correction.
looking at the last 5 candles (last 5 days) that tried to break the resistance and failed, there is a possibility that the price will go down first.
This trendline forms a downtrend channel.
I also see a hammer candle which we can interpret as one of the indicators of a rejection and the beginning of a possible reversal/correction.
looking at the last 5 candles (last 5 days) that tried to break the resistance and failed, there is a possibility that the price will go down first.