To assess the next possible market move and sentiment based on this chart:


Observations:

  1. Current Price: The price is $104,616, and it's down by -1.22% in the last 24 hours.

  2. Volume: The trading volume is moderate (3.41K as shown below the chart).

  3. Candlestick Pattern: The last few candlesticks indicate slight indecision or consolidation near $105,000.

  4. 24-Hour Range: High at $107,076.5 and low at $104,040.6, showing moderate volatility.

  5. Market Sentiment: The price has retraced slightly but remains within the range, suggesting neutral to slightly bearish sentiment.

Market Sentiment:

  • The market sentiment appears cautious. The consolidation near the $104,500-$105,500 range indicates buyers and sellers are waiting for a breakout or additional confirmation.

Next Possible Move:

  1. Upside Potential:

    • If the price breaks above $105,500 with increased volume, it could retest $106,500 or even approach the $107,000 level.

  2. Downside Risk:

    • If it breaks below $104,000 (the 24-hour low), it could dip further to $103,000 or lower levels.

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