1. What is the trend now?
2. Why did the decline stop and soar?
3. The price will rise or fall, which option is the most viable?
Now I will answer all the questions in order.
1. Now the price is inside the downward channel, the daily trend is still downward, and only consolidation above 11000 can change the trend. On the weekly chart, the price received support from the 100-day moving average, and on the daily chart, the 100-day moving average is resisting growth. Also at the level of 7500 there was a support level and a local goal to expand the Fibonacci.
2. The price reached the level of 7500, but under this level there was no accumulation of stops, and since there was no one else to lose money away, the whales closed short positions, raising the price higher to provoke demand. At the moment, demand has dried up and a sell signal has appeared, buyers' stops are located below the level of 9000, and hunting will soon be opened.
3. The triggering of stops below the level of 9000 will again lower the price below 8000, as it was on September 24. But the main thing is that most of the stops will be carried below the level of 7300, and when they work, price will be able to drop to the level of 5000.
2. Why did the decline stop and soar?
3. The price will rise or fall, which option is the most viable?
Now I will answer all the questions in order.
1. Now the price is inside the downward channel, the daily trend is still downward, and only consolidation above 11000 can change the trend. On the weekly chart, the price received support from the 100-day moving average, and on the daily chart, the 100-day moving average is resisting growth. Also at the level of 7500 there was a support level and a local goal to expand the Fibonacci.
2. The price reached the level of 7500, but under this level there was no accumulation of stops, and since there was no one else to lose money away, the whales closed short positions, raising the price higher to provoke demand. At the moment, demand has dried up and a sell signal has appeared, buyers' stops are located below the level of 9000, and hunting will soon be opened.
3. The triggering of stops below the level of 9000 will again lower the price below 8000, as it was on September 24. But the main thing is that most of the stops will be carried below the level of 7300, and when they work, price will be able to drop to the level of 5000.
