Intraday trend (hourly chart)
From the chart, it can be seen that the price recently broke through the upper edge of the previous consolidation range (28-30), quickly rising to around 37, demonstrating strong bullish momentum. Subsequently, a certain pullback occurred near the high point, and the current price is around 33.
The moving average system presents a typical bullish arrangement, with a large divergence between short-term moving averages (like the 10MA) and long-term moving averages (30MA), indicating that the short-term bullish trend is very strong, but there may be a short-term technical correction demand.
Medium-term trend (4-hour chart)
In the medium-term chart, the price has significantly increased in volume after the breakout, but there is a need for certain technical consolidation following the spike. The support level is near the upper edge of the previous breakout range of 28-30.
RSI (specific data not provided) is presumed to be in the overbought range, which may bring certain pullback risks. However, in a strong market, the overbought state may persist for a long time.
Yesterday's direction and today's forecast
Yesterday's strong rally clarified the bullish trend in the market, but a certain degree of pullback occurred this morning, indicating that there is significant pressure above the current range (35-37). The market may seek support between 33-30 before attempting to rally again.
According to chart analysis, the market is in a strong bullish trend, but a correction or consolidation may be needed in the short term. Here are the suggested specific strategies:
The current strong bullish trend has not changed, but a correction may be needed in the short term. It is recommended to pay attention to key support levels.
First support level: 33.00
Second support level: 30.50
Resistance level: 35.50
Second resistance level: 37.00
Stop-loss level: 30.00
Short-term trading: If the price pulls back to the 33-31 range, multiple entries can be made for long positions, targeting 35.50-36.00; it is advisable to set the stop-loss below 30.00.
Currently, light positions can be tried near the price of 33, with the same target and stop-loss set below 30.00.
It is important to pay attention to the changes in trading volume within the 30-33 range. If the volume decreases during a pullback and increases during a rebound, confirming the effectiveness of support, long positions can be held.
If the middle band of the Bollinger Bands provides effective support, the market may continue to rise in a volatile manner.
Currently, the 10MA and 30MA show strong support, especially the 30MA approaching the 30 area, constituting an important defensive level.
A rapid rise in the short term may trigger a significant pullback, and positions need to be adjusted flexibly. If the market experiences abnormal bearish signals or breaks key support, timely stop-loss is necessary.
The short-term trend remains strong, but a technical pullback may become an opportunity to enter. Focus on the support range of 30-33, target 35.50-36.00, and it is advisable to set the stop-loss below 30.00.
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