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After bouncing off the lower boundary of the descending price channel on December 19, the price reached the target resistance level at 0.6273 and reversed from it, likely heading for another test of this channel's lower boundary.
A stronger downward movement is possible, aiming to break below the price channel and exit it. The target for this movement is the support level of 0.6134. The signal line of the Marlin oscillator is moving almost horizontally. If the bears encounter little resistance, the price may fall in the coming days.
The Marlin oscillator moves horizontally along the zero line on the four-hour chart. The price is consolidating below the 0.6273 level with a bearish tone. The main scenario remains a downward movement.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
