Bitcoin Cash (BCH/USD) Key Resistance Holds, Further Downside Expected

Posted on March 27, 2025 by Roy Levine

Bitcoin Cash (BCH/USD) continues to struggle beneath a critical resistance level, reinforcing the broader bearish sentiment. After rejecting $332.50, price action has remained weak, failing to reclaim lost ground.

Bitcoin Cash Sell Idea image — Bitcoin Cash (BCH/USD) Sell Idea and Bearish looking image

This confirms our previous forecast that further downside potential remains in play.

With market structure favoring the bears and momentum indicators signaling continued weakness, BCH/USD appears poised for a deeper decline toward the next major support zone.

Technical Breakdown

1. Resistance Rejection at $332.50

Following an initial drop below $332.50, Bitcoin Cash has failed to generate sufficient buying pressure to reclaim this key level. The price attempted to break above but was met with strong selling interest, leading to a series of rejection wicks. This suggests that sellers are still in control, using every price rally as an opportunity to offload positions.

A sustained failure to close above this resistance level is a strong bearish signal, indicating that the market lacks bullish momentum to reverse the downtrend.

2. Bearish Market Structure and Consolidation

The current price action reflects a bearish consolidation phase, where BCH/USD remains range-bound but with a downward bias. This often precedes the next leg lower in a continuation pattern.

The inability to push higher is a sign of distribution, where institutional traders and larger market participants are unloading their positions before another sell-off.

3. Momentum Indicators Favor Bears

Lower Highs Formation: Price is printing a series of lower highs, reinforcing the idea that selling pressure is dominant.
Lack of Bullish Volume: Despite minor rallies, volume remains muted on upward movements, further confirming that buyers are not stepping in with conviction.

Bitcoin Cash: Technology and Vision

Despite its current price weakness, Bitcoin Cash remains one of the most widely used cryptocurrencies for peer-to-peer transactions and fast, low-cost payments.

1. Scalability and Low Fees

Unlike Bitcoin (BTC), which has struggled with high fees and congestion, Bitcoin Cash was designed to offer faster transaction speeds by increasing block sizes. This makes it an attractive option for everyday transactions and merchant adoption.

2. Decentralization and Financial Freedom

BCH promotes the original vision of Bitcoin as digital cash, enabling users to send payments globally without reliance on banks or intermediaries. Its community-driven approach prioritizes decentralization, aiming to provide a borderless and censorship-resistant currency.

3. Adoption and Growth Potential

Bitcoin Cash has seen steady adoption among online retailers, payment processors, and even physical stores accepting BCH payments. However, its price action is still heavily influenced by broader market trends, making it vulnerable to bearish cycles like the current one.

While Bitcoin Cash’s vision remains strong, its short-term technical outlook is bearish, requiring price stabilization before another bullish push can materialize.

Key Levels to Watch

Immediate Resistance: $332.50 – This remains the primary level preventing any bullish recovery. A failure to break above reinforces the bearish case.
Next Downside Target: $291.00 – This is the next critical support zone, where some buyers may attempt to slow down the decline.

A decisive break below $291.20 could open the door for a further decline toward the previouse major low at $269.50, a deeper support level.

Conclusion: More Downside Ahead

As long as BCH/USD remains below $332.50, the bias remains bearish. If sellers maintain control, a move toward $291.00 is the most probable scenario in the short term. Any rejection at this level could accelerate downside momentum toward $262.00.

Bitcoin Cash Weekly chart — Bitcoin Cash (BCH/USD) Weekly Bearish looking analyzed chart

Traders should watch for further rejection signals at resistance and signs of increasing bearish momentum. However, in the long term, Bitcoin Cash’s strong fundamentals could provide renewed opportunities once the broader market stabilizes.

AUD/USD Downtrend Intensifies: Next Support in Focus

Posted on March 24, 2025 by Roy Levine

The AUD/USD pair remains under bearish pressure after failing to hold key support at 0.6286.

AUD/USD Sell Idea thumbnail — AUD/USD bearish looking image

With a confirmed rejection from the 0.6380 resistance level, the pair is poised for a deeper technical correction, targeting the 0.6181 Fibonacci level as the next key support. Read on for insights and updated targets.

AUD/USD has confirmed a significant breakdown below 0.6286, marking a critical bearish continuation signal. This rejection from 0.6380 resistance, combined with a series of lower highs, suggests further downside potential. Based on the Cross-price Matrix Key-levels, the next major support zone aligns with 0.6181, which serves as the immediate target for sellers.

As of today [24.03.25], AUD/USD is trading around 0.6284, struggling to regain upside momentum. The ongoing selling pressure reinforces the bearish outlook, with further declines anticipated toward the 0.6181 support zone. If bearish momentum persists, the next significant downside targets include 0.6090, a critical psychological level, represented by the previouse major low. suggested stop-loss level is set around 0.6385, aligned with key resistance.

AUD/USD Market Dynamics and Outlook

Despite short-term bearishness, AUD/USD remains influenced by broader macroeconomic factors, including Federal Reserve policy expectations and Australian economic performance. However, the technical structure currently favors the downside, with sellers maintaining control below 0.6286.

Fundamental Catalysts

Key Resistance Rejection: The pair failed to hold above 0.6380, reinforcing the bearish trend.
Breakdown Below Major Support: The confirmed break below 0.6286 signals further downside risk.
Cross-price Matrix Targets: The next critical level sits at 0.6181, followed by 0.6090 in an extended decline scenario.

Key Price Levels

Previous Support (Broken): 0.6286
Next Major Support: 0.6181 (Key Fibonacci level)
Extended Downside Target: 0.6090 (Previous Major Low)
Stop-Loss Level: 0.6385

AUD/USD Daily Chart — AUD/USD bearish looking analyzed Daily chart

As long as AUD/USD remains below 0.6286, the bearish outlook remains intact. The 0.6181 support level will serve as a key test for potential stabilization or a continuation toward lower CPM levels. Traders should monitor price action for further confirmation of downside momentum or reversal signals.

Bitcoin’s Bearish Cycle: Is a Deeper Correction Unfolding?

Posted on March 21, 2025 by Roy Levine

Bitcoin’s (BTC/USD) bearish momentum intensifies as the Elliott Wave 5-Wave cycle concludes at an all-time high of $110,000.

Bitcoin bearish outlook and Sell Idea image

With a confirmed breakdown below $84,440, BTC is set for a deeper technical correction, targeting the next key support at $73,500. Read on for insights and updated targets.

Bitcoin (BTC) continues its bearish trajectory after confirming a significant breakdown below the $84,440 key support level. This marks a decisive shift into a deeper correction phase, reinforced by Elliott Wave theory. The 5-wave cycle has completed at the recent all-time high of $110,000, suggesting that BTC has entered an extended corrective wave, with the 38.2% Fibonacci retracement at $73,500 serving as the next major support zone.

As of today [20.03.25], Bitcoin (BTC/USD) is trading at $84,120, struggling to reclaim lost ground. The next critical downside target remains $73,500, derived from the 38.2% Fibonacci retracement, a pivotal level that may act as temporary support. Should selling pressure persist, deeper corrections toward the 50.0% retracement at $62,625 and 61.8% retracement at $51,680 could come into play. A stop-loss level is suggested around $90,000, aligned with a key resistance level from recent price action.

Bitcoin Technology, Vision, and Market Outlook

Despite the bearish technical picture, Bitcoin’s long-term fundamentals remain strong. As the leading decentralized digital asset, Bitcoin continues to redefine global finance, with increasing institutional adoption and Layer 2 advancements like the Lightning Network enhancing its scalability. However, the market is currently undergoing a technical reset following its parabolic rise to $110,000, reinforcing the need for a structured correction before any potential new uptrend.

Fundamental Catalysts

Elliott Wave Cycle Completion: Bitcoin’s 5-wave cycle concluded at $110,000, signaling a corrective phase.
Breakdown Below Major Support: The close under $84,440 reinforces bearish momentum.
Fibonacci Retracement Targets: BTC’s correction aligns with the 38.2% Fibonacci level at $73,499, with potential further downside to $62,625 and $51,680.

Key Price Levels

Previous Support (Broken): $84,440
Next Major Support: $73,500 (38.2% Fibonacci retracement)
Extended Downside Targets: $62,625 (50.0% Fibonacci), $51,680 (61.8% Fibonacci)
Stop-Loss Level: $90,000

Bitcoin Monthly chart — Bitcoin (BTC/USD) Bearish looking Monthly analyzed chart

As long as Bitcoin remains below $84,440, the bearish outlook prevails, with a strong probability of deeper correction. The upcoming test at $73,500 will be critical in determining whether Bitcoin finds stabilization or extends toward lower Fibonacci retracement levels. Traders should monitor price action closely to assess potential reversal signals or further downside risks.

AUD/JPY Bearish Outlook: Breakdown Below 94.06 Signals Further Downside Potential

Posted on March 20, 2025 by Roy Levine

The AUD/JPY pair has confirmed a decisive bearish breakdown below key-support of 94.06, reinforcing the potential for extended downside moves.

AUD/JPY Sell Idea — AUD/JPY Bearish Outlook and Sell Idea image

With key resistance at 95.47 intact, sellers are in control as the pair eyes the next major support level at 88.92. Read on for key technical insights.

AUD/JPY continues its downward trajectory after confirming a breakdown below the critical 94.06 support level, a key technical development reinforcing the bearish outlook. The sustained rejection at 95.47 resistance has further strengthened selling pressure, leading to a firm continuation of the downside trend. With momentum favoring the bears, AUD/JPY is now on course toward its next major support zone.

As of [20.03.25], AUD/JPY is trading at 93.56, struggling to reclaim lost ground amid persistent downside pressure. The breakdown below 94.06 marks a significant shift in market structure, acting as a strong confirmation that the bearish cycle remains dominant. The next key profit target is set at 88.92, a major support level derived from previous price action, signaling the potential for an extended move lower.

AUD/JPY Market Drivers and Fundamentals

Despite temporary rebounds, the broader fundamentals remain bearish for AUD/JPY. Recent risk-off sentiment, coupled with weaker demand for risk-sensitive assets, continues to weigh on the Australian dollar. Meanwhile, the Japanese yen benefits from its safe-haven appeal, reinforcing downward pressure on the pair.

With global uncertainty persisting and central bank policies influencing forex trends, the Australian dollar remains vulnerable to further downside risks. Unless AUD/JPY can reclaim key resistance levels, the current bearish structure is likely to persist.

Key Technical Levels to Watch

Resistance (Stop-Loss Level): 96.50
Key Level (Broken Support Turned Resistance): 94.06
Primary Profit Target (Major Support): 88.92

The failure to hold above 94.06 is a clear bearish confirmation, keeping the focus on lower price targets. Sellers remain in control as long as this level remains unchallenged, with a further decline toward 88.92 likely in the coming sessions.

AUD/JPY Weekly chart — AUD/JPY Bearish Looking Weekly analyzed chart

Bearish Sentiment Persists

Given the confirmed breakdown, traders should remain cautious of any short-term rebounds, as they are likely to face strong selling pressure near key resistance zones. As long as 94.06 holds as resistance, the bearish trend remains intact, with the next major test at 88.92 acting as the ultimate downside target. The 96.50 level serves as an invalidation point for this bearish forecast, beyond which the market structure may shift.

Chainlink (LINK) Bearish Forecast: Continuation of Downtrend Toward Key Support Levels

Posted on March 18, 2025March 18, 2025 by Roy Levine

Chainlink (LINK/USD) remains in a strong downtrend after failing to break above key resistance at $14.45.

Chainlink Sell Idea image — Chainlink bearish outlook image

Selling pressure continues to dominate, increasing the likelihood of a drop toward $11.582, a major support key-level. Read on for a full technical breakdown.

Chainlink (LINK) continues to struggle under heavy bearish pressure, failing to reclaim the $14.45 resistance level. The rejection at this key level confirms the weakness in buying momentum, reinforcing the broader bearish structure. As of today [18.03.25], Chainlink is trading at $13.70, maintaining a bearish trajectory as sellers push prices lower.

The immediate focus is on $11.582, the next key local support, which represents an important short-term profit target. A decisive break below this level will likely accelerate downside moves all the way toward $6.35, marking the previouse major low point from August 2024.

Chainlink’s Vision & Market Position

Despite the current bearish momentum, Chainlink remains one of the most influential blockchain projects, providing decentralized oracles that enhance smart contract functionality. Its role in enabling secure, real-world data feeds for blockchain applications remains a fundamental strength. However, short-term market sentiment continues to weigh heavily against LINK, increasing the probability of an extended corrective move before any potential recovery.

Bearish Catalysts & Technical Breakdown

Failure to Break Key Resistance: The rejection at $14.45 highlights weak buying momentum and reinforces the downside bias.
Sustained Bearish Momentum: The price structure remains firmly bearish, with lower highs and lower lows signaling continued selling pressure.
Break Below Local Support Imminent: If LINK fails to hold above $14.45, a rapid move toward $11.582 becomes highly probable.
Extended Bearish Cycle in Play: Broader market sentiment suggests that Chainlink could remain under pressure unless buyers reclaim control above $14.45.

Key Price Levels to Watch

Major Resistance: $14.45
Current Price: $13.70
Local Support & Profit Target: $11.582
Major Bearish Target: $11.582
Stop-Loss Consideration: Above $16.037

Bearish looking chart — Chainlink bearish looking analyzed chart

Conclusion

Chainlink’s failure to reclaim $14.45 signals a continuation of the current bearish trend, with $11.582 and even $6.35 as the next downside targets. Unless LINK can stage a significant recovery and break key resistance, sellers remain in control. Traders should monitor price action closely, particularly around $14.45, as a breakdown below this level will likely confirm further downside movement.

Ripple (XRP) Faces Continued Downside Pressure

Posted on March 16, 2025 by Roy Levine

Ripple (XRP) has failed to break key resistance at 2.3575, signaling a likely continuation of the bearish trend.

With downside targets in focus, traders should watch for a move toward the first profit target at 2.1350, followed by the major key-level support at 1.7065.

Ripple (XRP) has struggled to maintain upward momentum, with repeated failures to break through the 2.3575 resistance level. This price action suggests a continuation of the current bearish trajectory, with further declines likely in the near term. The inability to sustain higher levels indicates a shift in market sentiment, favoring the downside.

As of today [16.03.25], XRP is trading at 2.2950, hovering near key technical levels. The first downside target is set at 2.1350, marking a local support level, while a more significant decline could drive prices toward 1.7065, which aligns with major structural support.

Ripple (XRP) Market Dynamics

The recent downside pressure in XRP is driven by broader market weakness and increased selling activity at key resistance zones. The failure to hold above 2.3575 reinforces bearish sentiment, suggesting a lack of buying interest at higher levels. Additionally, macroeconomic factors and regulatory concerns surrounding XRP could further weigh on price action.

Key Bearish Catalysts

Failure at Key Resistance: The rejection at 2.3575 highlights strong overhead resistance, preventing further upside.
Lower Highs Formation: Price action continues to produce lower highs, a classic bearish signal.
Weak Market Sentiment: Broader risk aversion in the crypto market may accelerate selling pressure on XRP.

Key Price Levels

Major Resistance (Rejected): 2.3575
First Downside Target: 2.1350
Second Downside Target (Major Support): 1.7065

With Ripple (XRP) unable to break above 2.3575, sellers remain in control, increasing the likelihood of a move toward 2.1350 in the coming sessions. A confirmed breakdown below this level could open the door for a deeper decline toward 1.7065, where stronger support may be found. However, a sustained break above 2.3575 would invalidate the bearish outlook and shift focus back to the upside.

XRP Bearish looking chart — Ripple Weekly bearish looking analyzed chart

Traders should remain cautious and monitor price action closely as XRP approaches key support levels.

USD/CHF Poised for Upside Correction and Potential Reversal

Posted on March 13, 2025 by Roy Levine

After an extended downside move, USD/CHF is showing signs of an upside correction, with the potential for a full bullish reversal.

USD/CHF Buy Idea — US Dollar vs Swiss Frank “Buy Idea” image

With key resistance levels in sight, traders should watch for a move toward the first profit target at 0.8910, followed by 0.9020 and 0.9144.

The USD/CHF pair has seen a significant overextension to the downside, suggesting a likely retracement or even a full-scale bullish reversal. After reaching a recent low near 0.8760, the pair is showing early signs of stabilization, with price action forming a potential base for a rebound. Given the prolonged selling pressure, a relief rally toward key resistance levels appears highly probable.

As of today [13.03.25], USD/CHF is trading at 0.8840, signaling the beginning stages of a corrective move. Our first upside target is set at 0.8910, followed by additional resistance levels ahead at 0.9020 and 0.9144, which align with prior structural highs.

The recent weakness in USD/CHF has been driven by broad dollar softness and market sentiment shifts. However, with oversold conditions now evident, a rebound is increasingly likely. The U.S. Federal Reserve’s stance, along with shifts in global risk appetite, could further catalyze a recovery in USD strength. Meanwhile, the Swiss franc’s role as a safe-haven asset may soften should risk sentiment improve.

Key Bullish Catalysts

Oversold Market Conditions: The pair has been heavily sold, making an upside retracement highly probable.
Support at 0.8910 breached: Price had overextended beyond and expected to retrace back and find stability above this level, confirming buying interest.
Key Resistance Levels Ahead: A move past 0.8910 would reinforce bullish sentiment and open the door for further upside.

Key Price Levels

Major Support (Temp’ Breached): 0.8910
First Upside Target: 0.8910
Second Upside Target: 0.9020
Third Upside Target: 0.9144

USD/CHF Technical Chart — USD/CHF Analyzed Technical Bullish Looking Chart

Given the confluence of technical factors, USD/CHF is well-positioned for a bullish correction, with a potential move beyond 0.8910 in the following coming days. Should momentum sustain, traders could see extended gains toward 0.9020 and 0.9144. However, a failure to close in on 0.8910 would invalidate the bullish scenario and shift focus back to the downside.

Traders should monitor price action closely, looking for confirmation of bullish strength as the pair approaches key resistance zones.

Bitcoin’s Bearish Battle: Watching the Next $73,850 Threshold

Posted on March 11, 2025 by Roy Levine

As Bitcoin continues to navigate through turbulent market conditions, our previous bearish forecast has proven prescient, with BTC now facing critical support levels that could determine its trajectory in the coming weeks.

Bitcoin (BTC) Bearish Outlook and Sell Idea Forecast

The cryptocurrency market has been under sustained pressure, aligning with broader economic uncertainties and a risk-off sentiment that has permeated the financial markets.

Technical Analysis

Current Price Action: Bitcoin’s price is closing in on the critical 38.2% Fibonacci retracement level at $73,850, which serves as the next major support key-level. This price point is crucial as it represents a potential turning point for Bitcoin’s short-term direction.
Recent Developments: The technical picture indicates that Bitcoin has faced significant resistance at higher levels, with a clear rejection near the $84,400 mark. Following this, the price has steadily declined, underscoring the bearish momentum.
Momentum Indicators: The RSI is trending towards the oversold territory, suggesting that while the downtrend is strong, a potential for reversal or stabilization might occur if the oversold conditions are reached. The MACD reinforces the bearish outlook, with its line trending below the signal line, indicating sustained selling pressure.

Key Levels to Watch

Immediate Support Level: The $73,850 level (38.2% Fibonacci retracement) is pivotal. A break below this could lead to accelerated losses, with the next significant support level of the 50% Fibonacci retracement at $62,625.
Resistance Levels: On the upside, the local $82,170 and major $84,400 levels represent immediate resistance barriers. These levels could serve as short-term targets for any bullish retracement or as exit points for traders looking to manage their risk on bearish bets.
Stop-Loss Considerations: Given the volatility, setting a stop-loss well above the $84,400 resistance can protect against potential spikes in price that might occur during sudden market shifts.

Updated Trading Recommendations

Short-Term Strategy: Traders should maintain a bearish outlook but remain alert to any signs of a bullish reversal, especially as the price approaches the oversold territory. Engaging in short-selling at resistance levels or upon confirmed breakdowns below support levels could capitalize on the ongoing downward momentum.
Long-Term Considerations: Investors should watch for stabilization or a series of higher lows that could indicate a bottoming process before considering long positions.

Bitcoin Weekly Analyzed Chart — Weekly Bearish Looking Analyzed Chart for the Bitcoin

Conclusion

Bitcoin’s market behavior remains predominantly bearish as it’s closing in on crucial support levels. The current landscape suggests that the $73,850 mark is more relevant than ever, with potential further downside to the $62,625 level if this support is broken. Traders and investors alike must stay vigilant, monitoring key technical indicators and market news that could affect price action. Risk management remains paramount in these conditions, with clear stop-loss orders and adherence to trading plans essential for navigating the current market dynamics.

Bitcoin Cash: Resistance Rejection Confirms Further Downside Potential

Posted on March 10, 2025 by Roy Levine

Bitcoin Cash (BCH/USD) remains under strong bearish pressure after failing to break above the key resistance at $369.40.

Bitcoin Cash Sell Idea logo and bearish signal

This confirms continued downside potential, with $291.20 designated as the next major support and official profit target. Read on for key insights and updated targets.

Bitcoin Cash (BCH) continues to struggle with bearish momentum, as its failure to break above $369.40 reinforces the ongoing downtrend. This resistance rejection serves as a key signal that sellers remain in control, preventing any significant bullish recovery. The inability to reclaim this level suggests that further downside movement is highly probable in the near term.

As of today [10.03.25], Bitcoin Cash (BCH/USD) is trading at $355.60, confirming sustained selling pressure. The next major support zone is $291.20, a level that has historically provided strong demand. This now serves as our official profit target for this newly updated bearish outlook.

Bitcoin Cash Market Dynamics

Bitcoin Cash, a fork of Bitcoin, was designed to offer faster and lower-cost transactions. However, despite its technological advantages, market sentiment and broader macroeconomic conditions continue to weigh on BCH’s price. The recent inability to clear resistance aligns with a broader risk-off environment, reinforcing further bearish sentiment.

Fundamental Catalysts

Major Resistance Rejection: The failure to surpass $369.40 confirms strong selling pressure and a continuation of the bearish trend.
Continued Bear Cycle: BCH remains under sustained downside pressure, with $291.20 now in focus as the next key support.
Market Sentiment Weakens: Investors remain cautious as BCH struggles to reclaim lost ground, fueling further selling momentum.

Key Price Levels

Previous Resistance (Unbroken): $369.40
Next Major Support: $291.20
Bearish Profit Target: $291.20

Bitcoin Cash chart — Bitcoin Cash bearish looking analyzed chart

Looking ahead, Bitcoin Cash’s failure to reclaim resistance levels suggests that selling momentum will likely persist. As long as $369.40 remains intact as a ceiling, the bearish outlook remains in effect. The upcoming test at $291.20 will determine whether further declines are in store or if buyers attempt to stabilize the price at this critical support level. Traders should monitor price action closely for confirmation of continued downside movement.

AUD/JPY Bearish Breakdown Confirms More Downside Potential

Posted on March 6, 2025 by Roy Levine

AUD/JPY has shifted into a confirmed bearish trend after breaking below key support level of 93.95

This breakdown, coupled with the prior breach of 95.47, suggests further downside potential, with 88.92 as the next major support and official profit target. Read on for key insights and updated targets.

The AUD/JPY currency pair has entered a clear bearish cycle after decisively breaking below 93.95, a critical level that had previously acted as strong support. This move follows the earlier breakdown of 95.47 a few weeks ago, which was the first major signal indicating a shift toward bearish momentum. The failure to reclaim these levels suggests that selling pressure remains dominant, paving the way for further downside.

As of today [06.03.25], AUD/JPY is trading at 93.40, confirming bearish control. The next significant downside target is 88.92, which marks a major support zone and serves as our official profit target for this updated bearish outlook.

AUD/JPY Market Dynamics

Despite recent macroeconomic developments, the Australian dollar has faced sustained weakness against the Japanese yen, primarily due to shifting risk sentiment and central bank policy divergence. The Bank of Japan’s monetary stance and investor flight to safe-haven assets have further strengthened JPY against AUD. Meanwhile, Australia’s economic outlook remains under pressure from global growth concerns and commodity market fluctuations, adding to AUD’s downside risks.

Fundamental Catalysts

Major Support Breakdown: The break below 93.95 confirms the bearish structure and strengthens downside potential.
Bear Cycle Confirmation: The earlier failure at 95.47 signaled the beginning of a broader downtrend.
Market Sentiment Weakens: Increasing risk aversion has strengthened JPY as a safe-haven asset while weighing on AUD.

Key Price Levels

Previous Support (Broken): 95.47
Current Key Breakdown Level: 93.95
Next Major Support: 88.92
Bearish Profit Target: 88.92

Looking ahead, AUD/JPY’s inability to reclaim lost support levels suggests that selling momentum will likely persist. As long as 93.95 remains unchallenged, the bearish outlook remains in effect. The upcoming test of 88.92 will determine whether the downtrend extends further or if buyers attempt to stabilize the pair at this crucial level. Traders should monitor key resistance levels and sentiment shifts for confirmation of further downside potential.