I don´t see the short pump generated by Powell´s speech as a major momentum change catalyst.
Bearish divergence on RSI: In early August, RSI formed lower highs while price pushed to higher highs—signaling fading bullish momentum. RSI has continued to drift lower since, confirming weakness.
No bullish divergence at recent lows: Recent drops toward the $0.80 support were not accompanied by RSI divergence. Both price and RSI made equal or lower lows, indicating no hidden buying strength.
100% Fibonacci extension target: The 100% extension of the previous bearish leg points to $0.746 as a likely next downside target if support fails.
Strong resistance overhead: Price has been rejected three times from the $1.00–$1.05 zone, marking it as a key supply area. Bears retain control unless bulls break and sustain above this level.
Bearish divergence on RSI: In early August, RSI formed lower highs while price pushed to higher highs—signaling fading bullish momentum. RSI has continued to drift lower since, confirming weakness.
No bullish divergence at recent lows: Recent drops toward the $0.80 support were not accompanied by RSI divergence. Both price and RSI made equal or lower lows, indicating no hidden buying strength.
100% Fibonacci extension target: The 100% extension of the previous bearish leg points to $0.746 as a likely next downside target if support fails.
Strong resistance overhead: Price has been rejected three times from the $1.00–$1.05 zone, marking it as a key supply area. Bears retain control unless bulls break and sustain above this level.
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