The Daily and 4H trends are unequivocally Bearish, with price consistently trading below the EMA25 and EMA99, which are acting as strong overhead resistance. The Supertrend indicator remains red, confirming the dominant downward pressure. Price action is currently consolidating near recent lows after a significant leg down, presenting a potential entry for a trend continuation trade.
The trigger for a high-probability short entry will be on the lower timeframes (1H/15m). We are looking for this minor bounce or consolidation to push the price up into the nearest key resistance, such as the Daily EMA7 (around 29.26). A rejection at this level, confirmed by the 1H/15m RSI failing to reclaim and hold above the 50 midline, would signal that bullish momentum is exhausted and sellers are resuming control. Entering now anticipates this failure, as the overarching bearish momentum is too strong to ignore, making any short-term rally a prime selling opportunity.
Actionable Setup Now (SHORT)
Entry: market at 29.06
TP1: 28.30
TP2: 26.50
TP3: 25.10
SL: 32.00
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