US30 here are some observations and insights:
Market Context
1. 4-Hour Chart:
- The price has been in a downtrend recently, forming lower highs and lower lows.
- Key support levels are visible near 43,710 and 43,350.
- The RSI (Relative Strength Index) is heading towards the oversold zone, which could indicate potential buying interest soon.
2. 1-Hour Chart:
- The trend remains bearish with clear downward momentum.
- The price is respecting the moving averages, which are acting as dynamic resistance.
- Short-term support zones align with those on the 4-hour chart.
3. 15-Minute Chart:
- The price is still trending down but is closer to immediate support zones. The RSI is very close to being oversold, suggesting possible short-term bounce opportunities.
Recommendation
- Sell if:
- Price retraces to resistance levels and shows rejection (e.g., bearish candlestick patterns like pin bars or engulfing candles).
- RSI is neutral or overbought.
- Buy cautiously if:
- Price hits key support (e.g., 43,710 or lower) and shows clear signs of reversal, such as bullish divergence on RSI.