On the 4-hour chart, the current bearish pattern of $XPL is quite evident, with strong selling pressure being observed in the recent trading sessions. The price is making lower highs and lower lows, thus establishing a short-term #bearish trend. The rejection at the recent swing high was accompanied by a strong downtrend, thus establishing that the bears are in control.
The moving average on the 4H chart is playing the role of dynamic resistance, with the price consistently trading below it. Every minor attempt at a rebound has been accompanied by selling pressure, thus establishing weak bullish momentum. The volume of trade is moderate, thus establishing steady distribution of price and no panic selling.
The RSI on the 4H chart is hovering around the oversold region, thus establishing that the bears' momentum is slowing down. However, no major reversal signal has been observed yet. For the bulls to take control, #plasma must break major resistance levels and trade above the moving average. @Plasma
