The 4-hour chart for GRASS/USDT shows a notable -14.62% decline. Here’s a quick technical analysis based on the indicators visible in the image:
1. Moving Averages (MA9 & EMA7):
The 9-period moving average (MA9) is at 1.5873, while the 7-period exponential moving average (EMA7) is at 1.5094.
The price has crossed below both MA9 and EMA7, which indicates bearish momentum in the short term. This crossover suggests that sellers are currently in control.
2. Bollinger Bands:
Bollinger Bands are set to 20, with a standard deviation of 2.
The price recently moved out of the upper band, indicating overbought conditions, and now it’s moving down towards the lower band. The current price is around the middle line of the Bollinger Bands, which suggests a potential stabilization or temporary support.
3. Order Book:
The buy/sell ratio shows only 1% buying interest compared to 99% selling, indicating strong selling pressure in the market. This further supports the bearish sentiment.
4. Candlestick Pattern:
The recent candlestick patterns suggest a high level of volatility with large wicks, which could imply uncertainty among traders.
The red candle following the green candles is often seen as a reversal pattern after a strong uptrend, suggesting that the bullish momentum may be slowing.
5. Support and Resistance:
A recent high around the 1.97 level acted as resistance, and the price reversed from there.
There seems to be a support level forming around 1.32 - 1.42. If the price breaks below this, further downside could be expected.
Overall Analysis: The current indicators suggest a bearish trend in the short term, with strong selling pressure and volatility. Watch for support around the middle Bollinger Band and the 1.32 level.
