The Daily trend is Bearish, with price consolidating in a tight range below a heavy confluence of resistance. The EMA(7), EMA(25), and the Bollinger Band middle band are all acting as a ceiling, capping any upside attempts and indicating strong overhead supply. This prolonged period of low volatility, evidenced by the squeezing Bollinger Bands, often precedes a sharp move in the direction of the dominant trend.
The trigger for a high-probability entry is the consistent failure of lower timeframe momentum. On the 1H/15m charts, any rally attempts are likely meeting immediate rejection as the RSI struggles and fails to sustain a cross above the 50 midline. This rejection at the 50 RSI level signifies that buyers lack the strength to overcome the established daily resistance. Entering a short here aligns with the macro bearish structure, targeting a breakdown from this consolidation as bearish momentum is likely to resume. The probability is high because we are entering at the top of the current range, with a clear invalidation level just above the EMA cluster.
Actionable Setup Now (SHORT)
Entry: market at 0.002698
TP1: 0.002450
TP2: 0.002150
TP3: 0.001500
SL: 0.003050
