The Chart shows the market did try to lift the price up. It hit the yellow line (100 MVA) and then it bounced back. The Bear is still strong and the price went down a bit. If the Bull gets weaker then we will see the price moving down again. Notice the blue line (cyan), if the price chart crosses that line then the market will probably more bearish, and again there is possibility some traders will buy at that price hoping to make quick gain.
NOTE:
This is not financial advice so please do your own diligent before investing
Never invest more than you can afford to lose
Technical Analysis is not pure science
Market is not something that can be predicted accurately because of the behaviors of investors
Technical analysis employs models and trading rules based on price and volume transformations, such as the relative strength index, moving averages, regressions, inter-market and intra-market price correlations, business cycles, stock market cycles or, classically, through recognition of chart patterns.
In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
https://en.wikipedia.org/wiki/Technical_analysis
