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Summary
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The 5-minute chart reveals a bearish bias after 19:00 ET, as price broke below 0.0118 and consolidated below 0.01179. A potential bearish engulfing pattern emerged around 20:00–22:00 ET, signaling a shift in sentiment. The RSI moved into oversold territory after 00:00 ET, suggesting a potential rebound could be on the cards. However, volume was low during this rebound, indicating limited buying interest.
Bollinger Bands showed a tightening phase from 04:00–07:00 ET, which is typically a precursor to a breakout. Price remained below the 20-period MA for most of the day, suggesting continued bearish pressure. The 50-period MA on the 5-minute chart acted as a resistance until 09:00 ET, after which price broke lower.
A key support level was identified at 0.01167–0.01169, where the price found temporary refuge multiple times. This level could hold in the short term, but a breakdown below 0.01164 may open the door to further losses toward 0.0116.
Looking ahead, the next 24 hours could see a test of the 0.01167 support. If this level fails, traders may target 0.01164 and beyond. Investors should watch for divergence in volume and price, particularly if a rebound develops without a significant volume spike, as this could signal a false recovery.
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