The weekly line is a small bearish candle with a long lower shadow and a short upper shadow, and the trading volume has doubled compared to last week. The weekly level is still in a large range of oscillation.
The weekly MA30 line is in a downtrend, and the MACD is showing weakening upward momentum near the zero axis.
Looking at a longer time frame, from April 2023, after the price fell into the two blue line ranges, it has been oscillating in a large range between the two blue lines for over half a year. The chips have been fully exchanged, and the washout has been sufficient. Next, we need to wait for the trend to change, which means the direction of the weekly MA30 line must change. If it happens quickly, it can transition from a downtrend to a flat trend in two weeks, and then to an uptrend in another two weeks, totaling four weeks. If it takes longer, the adjustment period will double, requiring eight weeks.
In the spot market, patience is required; a significant upward trend still needs time.
The daily line is a small bullish candle with a long upper shadow and a short lower shadow, and the trading volume is just a little more than half of the previous day, indicating a rebound after a downward pullback.
The daily MA30 line is in a downtrend, and the MACD is showing weakening downward momentum near the zero axis.
The price rebound encountered dual pressure from the daily MA120 line and the rising trend line, resulting in a downward pullback. A few days ago, during the decline, the trading volume increased, indicating that funds are buying the dip and chips are being exchanged.
In the short term, after a slight adjustment, the price will continue to rise, first testing the resistance level in the 12000-13200 range.
Daily level resistance at 11000-12000-13600-14500 and support at 10000-8790-7690-6770.
