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Summary
• Price declined from 27.20 to 26.68, forming bearish engulfing patterns around key levels.
• Volume and turnover spiked in the morning before tapering off, suggesting short-term bear pressure.
• RSI hit oversold territory late, hinting at potential short-term bounce.
• Bollinger Bands tightened in the mid-session, indicating possible volatility expansion ahead.

Structure & Formations
The price action over the last 24 hours showed a clear bearish trend, with the price breaking below key support levels, including the 26.90 and 26.80 marks. A bearish engulfing pattern was visible between 01:45 and 02:00 ET as well as in the early afternoon, around 14:15 to 14:30 ET. A long lower shadow in the 14:00–14:15 ET candle hinted at potential rejection at lower levels, though a follow-through in selling pressure soon after confirmed bear dominance.
Moving Averages
On the 5-minute chart, the price moved decisively below the 20- and 50-period moving averages throughout the session, reinforcing the bearish bias. While the daily chart suggests a more neutral position with the 50-period line near 26.75, the short-term MA divergence is a strong signal for near-term downside.
Momentum and Volatility
Relative Strength Index (RSI) reached oversold conditions in the late afternoon, dipping below 30, which could indicate a short-term reversal or consolidation. MACD showed bearish divergence with a negative crossover forming in the mid-morning, confirming the downward bias. Bollinger Bands experienced a noticeable tightening around 10:00–11:00 AM, suggesting an impending breakout or expansion in volatility.
Volume and Turnover
Volume and turnover surged in the early part of the session, with a peak around 08:00–09:00 AM, reinforcing the bearish move. Turnover declined significantly in the afternoon, indicating a potential pause in aggressive selling. Divergence between price and turnover in the late session, however, may suggest a lack of conviction in the current bearish move.
Fibonacci Retracements
Applying Fibonacci levels to the recent 5-minute swing from 27.20 to 26.63, the 61.8% retracement level sits near 26.78. A potential bounce from this area could be watched for short-term buyers. On the daily chart, the broader trend shows the 61.8% retracement around 26.75, aligning with the 50-period MA.
Forward Outlook
Price may test the 26.63 support area identified today, with a potential bounce from the 26.75–26.78 zone depending on buying interest. A break below 26.60 could open the door to further downside. Investors should remain cautious ahead of potential volatility expansion following the recent Bollinger Band contraction.
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