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Yesterday, the monthly line closed, so let's first look at the monthly situation;
With increased volume, the MACD momentum is strengthening, and prices have entered the overbought zone, clearly indicating strong bullishness.
But there is one point that I am quite confused about. Whether it's contracts or spot, the volume indicators are not showing any massive increases; it doesn't require a large buying pressure to rise. Personally, I think there are two explanations:
1. A large number of chips have no selling pressure, and everyone is waiting for a high point. The market doesn't need a large buying pressure to keep pushing prices higher. Simply put, there are buyers but no sellers. Naturally, demand exceeds supply and prices rise.
2. A large volume of transactions is not included in the data collection, such as the buying pressure from ETF institutions like BlackRock not being reflected in the data.
If it's the first explanation, then one must be cautious about a drop. The point of caution is not whether it might drop, but if it drops, it could be very severe due to the lack of volume support.
If it's the second explanation, then there is a possibility for it to continue rising. It can still be considered for long positions at certain key support levels.
Of course, everyone is also welcome to share their opinions in the comments section.
Next, let's look at the weekly chart:
It's similar to what was said yesterday; there's a top hammer (but without increased volume), the MACD momentum shows reduced upward momentum at the open, and the rise is starting to encounter resistance. The RSI has been in the overbought range, but the line is moving down, which may indicate a correction or a consolidation.
After all, the monthly momentum is strengthening, and although the weekly may weaken, it could just be a temporary pullback before continuing to rise.
Let's look at the small-level support and resistance levels to see if there are any trading opportunities.
First, let's look at the daily chart:
It has been oscillating between 954 and 987 for four consecutive days, without a breakthrough or a breakdown. However, if it holds above 972, there is still a possibility of rising again, with a target around 100500 to observe resistance.
Now let's look at the 1-hour chart:
Resistance above: 985～996～1006, support below: 972
Today's trading strategy is as follows:
For long positions below 972, set the stop loss at 972 and the take profit suggestion at 1005. If possible, observe the breakthrough situation at 1005 in live trading; just set the stop loss here if it breaks through.
For short positions, observe the resistance at 1006, with a stop loss of 700 points. If it breaks through 1006, look towards 1040.
The analysis of today's trading ideas is complete. What do you all think, esteemed viewers? Feel free to discuss in the comments section. Here is your little novice who provides daily unpaid analysis (heart emoji)
