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 within those two blue lines for more than half a year now. The chips have been sufficiently rotated, and the washout has also been thorough. Next, we need to wait for a trend change, which means a change in the direction of the weekly MA30 line. If it happens quickly, it could shift from a downtrend to a flat line in two weeks, and then take another two weeks to transition to an upward trend, totaling four weeks. If it takes longer, the adjustment time doubles, needing eight weeks.
Patience is needed in the spot market; a significant upward trend still requires 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 over half of the previous day, reflecting 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 has encountered dual pressure from the daily MA120 line and the upward trend line, resulting in a downward pullback. A few days ago, during the decline, the trading volume increased, indicating that there are funds bottom-fishing and chips are being rotated.
In the short term, after a slight adjustment, the price will continue to rise and will first test the resistance levels of the 12000-13200 range.
Daily level resistance at 11000-12000-13600-14500 and support at 10000-8790-7690-6770
