1h chart
Support and resistance levels:
Current support level: 60038 points.
Current resistance level: 62465 points.
Moving Average (MA):
The short-term MAs (5 and 10) are sloping down and the price is trading below them, which suggests that the market sentiment is bearish in the short-term.
The long-term MA (30 days) is also moving downwards, indicating a weak overall trend.
Volume:
Trading volume has increased since June 27, which suggests that market participants are conducting more transactions in the current price range.
Especially when the price hit the 60038 support level, there was significant volume, indicating that bulls had strong support at this price.
Candlestick chart patterns:
The recent K-line shows that there is a big game between the bulls and bears around 60038 points, and the bulls have strong buying at low levels.
Advance order suggestions:
Long suggestions:
Buy price: Buy orders can be set between 60050 and 60100 points, which is close to the support level.
Stop loss price: The stop loss level is set below the support level. It is recommended to set it at 59,800 points to avoid losses caused by the price continuing to decline after falling below the support level.
Target price: The first target can be set at the recent high of 62,465 points; if this resistance level is broken, the second target can be set at 63,000 points.
Short selling advice:
Sell price: If the price rebounds to the resistance level between 62450 and 62500 and fails to break through, you can consider setting a sell order in this range.
Stop loss price: The stop loss level is set above the resistance level. It is recommended to set it at 62650 points to prevent losses caused by the price continuing to rise after breaking through the resistance level.
Target price: The first target is set at 61,000 points; if it falls below the support level of 60,038 points, the second target can be set at 59,500 points.
