Price is still bullish, currently testing the trend floor where it is finding support at this moment in time.
Overall, you can see that the price is approaching a wedge convergence area where it could break out into the upside and continue following the Fibonacci Retracement calculation - currently bouncing around the 61.80% support level.
MACD is approaching a reversal area where it can potentially begin to push upwards again. This is supported by the sRSI being oversold, so the potential for a correction push upwards is higher.
In simple-speak, the odds are in the bull's favour right now and price is still adhering to the technicals, even though it is highly manipulated.
Bearish case is it breaks the trend floor and continues to push past the main support levels, but this would only happen if there were a huge sell-off from institutional investors and retail as well as massive shorting pressure - which doesn't seem likely to happen at this stage.
This analysis is not financial advice, it's just an overview of what is happening currently.
Overall, you can see that the price is approaching a wedge convergence area where it could break out into the upside and continue following the Fibonacci Retracement calculation - currently bouncing around the 61.80% support level.
MACD is approaching a reversal area where it can potentially begin to push upwards again. This is supported by the sRSI being oversold, so the potential for a correction push upwards is higher.
In simple-speak, the odds are in the bull's favour right now and price is still adhering to the technicals, even though it is highly manipulated.
Bearish case is it breaks the trend floor and continues to push past the main support levels, but this would only happen if there were a huge sell-off from institutional investors and retail as well as massive shorting pressure - which doesn't seem likely to happen at this stage.
This analysis is not financial advice, it's just an overview of what is happening currently.