1. Time and cycle analysis:
If the time cycles indicate a bearish reversal in the next 6 hours, this may be due to the completion of an up cycle, and the beginning of a short down cycle. These cycles are often used frequently in cryptocurrency pairs to identify entry and exit areas for scalpers.
2. RSI and Momentum Indicators:
The chart shows that the RSI indicator has crossed the 66.86 level, which is close to the overbought areas (70+). This may be a sign of a possible bearish reversal imminent.
3. MACD:
The MACD indicator in the image indicates that it is in a positive phase but the momentum is starting to weaken, which enhances the possibility of an imminent correction or the beginning of a slight downward wave during the coming period.
4. Bollinger Bands:
There is an approach to the upper Bollinger Band, indicating that the price may be overbought in the short term. This signal is usually followed as a sign of a possible downward correction.
5. Instant Fractal Analysis:
The chart shows some consecutive bullish candles on the time frame, which could mean that the price has exhausted its bullish strength in the short term. This combined with the time cycle signal suggests a bearish opportunity for spot and futures traders in the next 6 hours.
Conclusion:
This is a good opportunity for speculators to take advantage of an expected decline in the next six hours.
Futures traders can enter short-term sell trades with a stop loss above the current resistance at 68,500.
The initial target could be at or below the support level of 67,973 based on the upcoming price action.
We recommend following the time frame closely, focusing on technical and time indicators, especially if reversal candles appear or any support levels are broken.
