The market seems to be taking a bearish tone because the price has gone south-side below a resistance price level and if it closes below this level then the bearish setup will be instituted.
Supply levels: $75, $79, and $83
Demand levels: $70, $66, and $60
SQ Medium-term Trend: Counter-trending
The Medium-term trend has not given in to a particular trend direction, the price seems to reject the initial bullish market trend and has gone below the price resistance level of $70, and if the price succeeds in closing below this level, then the bearish trend will be confirmed, but if it rejects this level, it will thus reverse for a bullish trend.
SQ Short-term Trend: Ranging
The Short-term trend is on a ranging mode, the price has broken a key level and if the price closes below this key level the bearish projection will take place, but if the price rejects this level, then the market will reverse for a bullish trend.
From the 4-hour chart the 14 and 50 Exponential Moving Averages has not crossed yet for a bearish position, while the MACD Indicator Histogram bars are set for a bearish drive, so there is still a miss-match on the market setup.
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