Is CORE about to have a breakthrough? A must-read technical signal for short-term traders!
CORE’s four-hour chart shows its current market dynamics, revealing some key technical signals to provide short-term traders with operating clues:
Pattern analysis: After a period of decline, CORE price formed an obvious shock area and tried to bottom out twice in this area. This kind of movement usually indicates that the market is looking for direction.
Trading volume analysis: In the shock zone, although the bulls failed to significantly increase the volume, the shorts were observed to gradually shrink. This is usually regarded as the exhaustion of the shorts' power, and the bulls are relatively dominant.
Trend line analysis: CORE price is currently close to the long-term downward trend line, which has historically acted as an important resistance level. However, current price dynamics hint at a possible trend breakout.
Support and Resistance: Price has reached a previously dense trading area, which could create short-term resistance. At the same time, strong lower support provides a safety cushion for prices.
Combined with the above analysis, CORE has shown strong bullish power in the short term and has the potential for an upward breakthrough. This area provides an attractive short-term trading opportunity because the distance from the current level to support is closer, resulting in less risk and higher potential reward.
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