The 4 hour chart shows that the market has gradually declined in a downtrend channel. The price has also recently fallen below the key support (yellow trend line), as well as the Ichimoku cloud, indicating that the short-term trend is back in the bearish territory.
Buyers have trouble getting the price up at the time of writing, but there is no follow up. Even if the techniques are well prepared, the alpha-bulls do not seem in a hurry to leave the bearish territory and could wait to buy withdrawals at lower levels or perhaps just waiting for the return of the actual volume.
With the market suspended below moving averages of 50, 100 and 200, the downhill track is the one with the least resistance. A recovery and an escape above the descending channel would be a good time to enter the market. Operators not inclined to take risks should wait until the 4000 resistance level is removed.
On the other hand, if a recovery is not quickly detected, the market should test the support in the range of entry into the trade.
To recap, the key levels to watch for would be the yellow trend line and the 4000 level. Remember to like this table if you want to see more updates.
Good luck and good trading!
