Market Summary

Bearish trend on 1h timeframe with oversold RSI at 21.9, key level to watch is support at 67609.44 for potential breakdown.

Market State

Price is in a downtrend on 1h, with momentum fading as indicated by negative MACD histogram, and consolidating near support on 15m with neutral RSI at 49.37.

Key Levels

• Resistance: 68083.79, 68147.73
• Support: 67609.44, 67446.41

Scenarios

Bullish Scenario If price bounces from the oversold 1h RSI, it could retrace towards resistance at 68083.79, supported by improving MACD on 15m. Confirmation needed: a break above 68000 with increasing volume and positive CMF.

Bearish Scenario The downtrend continues with a break below 67609.44, targeting lower supports at 67446.41 and 67216.28, driven by bearish ADX and negative OBV. Confirmation: sustained price below 67600 with high sell signals.

Current Lean Bearish due to 1h trend alignment, but cautious of a bounce from oversold conditions; watch for a break below 67609.44 to confirm further downside.

Trade Setup

• Direction: SHORT
• Entry: $68083.79 (optimal) / $67864.55 (alternative)
• Stop Loss: $68200 — protects above the key resistance at 68147.73
• Targets: T1: $67609.44 | T2: $67446.41 | T3: $67216.28
• R/R: 1:4.1 for optimal entry
• Confidence: Medium

Risks

• Invalidation: Price closing above 68200 would break the bearish thesis and signal a potential reversal.