$PEOPLE is looking heavy right now. While the ultra-short-term 5m timeframe is showing some neutral consolidation, the higher timeframes tell a much more cautious story. Both the 1-hour and 4-hour charts are currently reading as strongly bearish, suggesting that the broader pressure remains firmly to the downside.
We are currently hovering around 0.00497, sandwiched tightly between immediate support at 0.00496 and resistance at 0.00498. If that 0.00496 level fails to hold, the next structural floors to keep an eye on are 0.00495 and 0.00494.
Despite the clear bearish bias across the board, we are still waiting for a confirmed entry trigger. The trend is currently neutral on the mid-term setup, so it is a matter of watching whether this tight range breaks to the downside or if the 5m neutrality can actually build some base. For now, the path of least resistance appears lower.
We are currently hovering around 0.00497, sandwiched tightly between immediate support at 0.00496 and resistance at 0.00498. If that 0.00496 level fails to hold, the next structural floors to keep an eye on are 0.00495 and 0.00494.
Despite the clear bearish bias across the board, we are still waiting for a confirmed entry trigger. The trend is currently neutral on the mid-term setup, so it is a matter of watching whether this tight range breaks to the downside or if the 5m neutrality can actually build some base. For now, the path of least resistance appears lower.
