The previous upward trend lasted for around two weeks. From the 4H chart, we can see that the upward trend was powerful; however, it stopped suddenly; the resistance seemed to be strong. After the resistance, the price has been down 1.8 percent in two days.
The Fibonacci retracement shows that the price now met the 50% level, which is a point that is worth thinking about. Will the price continue to go down? Or a reclaim? Unlike the 61.8% level, the 50% level is comparatively embarrassed. It is neither a strong support level nor a minor retracement.
The Bollinger Bands shrunk again, which means the breakout has not started yet. We can still expect a fluctuation. Ichimoku cools down from a thick part; however, it is still at a high level. Bear power also shows a bearish signal; the potential of the downward trend can be seen here.
From the signal above, I can tell that the downward trend has not stopped yet. Although a small wave showed up, the standard deviation is still going down. Let’s expect the price to go down.
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