Step-by-Step Exhaustive Technical Analysis for ORDI (ORDI)

1. Trend Analysis (Daily)

Examining the daily closes, ORDI has experienced major volatility over the past three months. After peaking at $13.48 in mid-May, the asset underwent a consistent downtrend, printing lower highs and lower lows. last major bounce was June 10th-12th (highs above $9, followed by a swift decline), establishing the $9–$10 range as a major supply zone. Since then, the price has broken down, currently sitting at $7.62, substantially below the recent averages. This signals a persistent bearish macro-structure, interrupted by brief, but weak, bullish recoveries.

2. Support & Resistance Zones

• Current Support: $7.40, $7.13, $6.95, with ultra-critical support at $6.70–$7.00 (May-June consolidation lows).
• Key Resistance: Immediate resistance at $7.98–$8.10, then $8.40. Above that, $9 remains a significant psychological and technical barrier. The price is presently hovering just above short-term support at $7.60–$7.40, but with lower highs and a lack of strong buying volume, the path of least resistance is likely downward towards major supports.

3. Volume Analysis

• Declining Volume in Rallies: The past week's minor rebounds (June 13–18) came on muted volume (~32–52M), considerably lower than the high-volume capitulation (70M–170M+ between May 23 and June 4). This suggests a lack of genuine buying interest or short covering, typically a bearish indicator.
• No Climax Selling Yet: There is no evidence of a high-volume selling climax, which would hint at panic-driven capitulation and a base.

4. Candlestick Patterns & Price Action

The last five daily candles are characterized by long wicks and indecision, with a slight downside bias. Each bounce toward resistance ($7.95+) is rejected, with closes near daily lows. Notably, the last hourly bars leading to current price ($7.62) show failed attempts to rally past $7.70, with frequent tests of sub-$7.60 levels.

5. Intraday Structure (Hourly)

From the intraday data, price action is choppy but consistently forms lower highs, confirming the broader downtrend. The price repeatedly tests $7.35–$7.45 lows, but each bounce is shallow, failing to reach prior resistances. Intraday volume spikes around failed rally attempts, suggesting larger players are distributing into strength and absorbing bids.

6. Momentum Indicators (RSI, MACD, Stochastics)

• RSI (Assumed Estimates Based on Price Structure): Likely in the 35–40 zone, showing bearish momentum but not yet oversold, indicating further downside potential.
• MACD: From the price trend, the fast line stays below the slow, with increasing negative histogram bars, denoting growing bearish momentum.
• Stochastics: Not yet deeply oversold, consistent with a rolling over market lacking buying urgency.

7. Moving Averages

• Short-Term (10/20 EMAs): Both moving averages are sharply sloped downwards. The current price is below the 10EMA, which sits above $7.75 (extrapolated from recent range).
• Medium-Term (50/100 SMA): Further above, acting as dynamic resistance, reinforcing the bearish bias for any near-term rallies.

8. Volatility Indicators (ATR, Bollinger Bands)

• ATR (Average True Range): High over the last month, but compressing this week, indicating a potential for another expansionary move—likely to the downside given trend context.
• Bollinger Bands: Price is hugging or breaching the lower band, suggesting persistent bearish pressure and possible volatility expansion downwards.

9. Fibonacci Retracements

Measured from the May high ($13.48) to the June low ($7.13):

• Current price ($7.62) is below the 78.6% retracement, with next major support at the absolute swing low ($7.13)
• If $7.13 fails, Fibonacci extension targets project $6.80, $6.40 as next downside markers.

10. Order Book Analysis (If Available)

Given the pattern of failed rallies and shallow bounces, there is likely resting sell inventory above ($7.70–$8.10), with buy walls clustered around $7.13–$7.40. However, repeated probing and lack of strong bounce suggest those bids could be thin or fake, and susceptible to being overrun.

11. Sentiment/Positioning (Contextual/Behavioral)

Bears are in clear control following the failed retests of $8–$9. Any bullish attempts are quickly overwhelmed, and there is no sign of short squeeze risk. Weak hands are being shaken out; stronger hands may await much deeper support.

12. Pattern Recognition

On both daily and hourly, ORDI is carving out a descending triangle formation with a flat base at $7.13–$7.35. This is typically a bearish continuation pattern after a downtrend. A decisive break below $7.13 would trigger measured-move targets towards $6.40–$6.00.

13. Summary & Price Prediction

All observed factors—trend, volume, price action, volatility, and macro patterns—point to continued downside risk for ORDI. The bounce attempts are weak, rallies are sold into, and support zones are repeatedly tested. The failure to reclaim overhead resistances and the lack of buyer capitulation suggest that a cascading move lower is highly probable in the next 24 hours, barring any black swan bullish catalyst.

Prediction: High probability of a breakdown below $7.40, with initial targets at $7.13, then $6.80, possibly $6.40 on broader risk-off extension.

14. Trade Tactics and Position Management

• Entry: Best value for shorts will be on failed intraday rallies into $7.65–$7.70 (just below current intraday resistance and above short-term moving averages).
• Exit (Take Profit): Cover position into panic selling at $7.14 support, possible secondary take-profit at $6.80 for more aggressive traders.
• Risk Management: Protective stop at $7.87 (above last reaction high and intraday supply), risk/reward is favorable.

15. Edge Cases

If price violently reclaims $7.80 on high volume, shorts should be covered as this could trap bears and facilitate a squeeze to $8.40+. Otherwise, trade the breakdown as trend/momentum strongly favor sellers.

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Final Conclusion: The technical structure and breadth of indicators dictate a short (Sell) bias until clear signs of accumulation or a reversal appear. The optimal short entry is on minor bounces into resistance. Expect increased volatility and a high-probability test of recent lows within the next 24 hours.