Date: October 26, 2024
The market is trending towards a volatile adjustment, with a focus on the support below.
Technical Analysis
Daily Level: Yesterday, the daily K-line formed an engulfing pattern, which engulfed the bullish K-line from the day before, signaling a disadvantage for the bulls. If tomorrow's closing forms a bearish K-line, the engulfing pattern will be established, and the price will continue to decline. In terms of moving averages, the angle of the daily Vegas channel is starting to trend upwards, with the price supported near EMA15. However, the EMA15 moving average is flattening, making it susceptible to a potential breakdown. Pay close attention to the support area of 65000-65500 below; if this support is broken, look for support around the Vegas channel at 62000 to see if it can rebound. The upper resistance is at 68800 (short-term double top).
4-Hour Level: The 4-hour chart has repeatedly pierced the upper edge of the Vegas channel, and the angle of the EMA15 moving average is starting to trend downwards, forming resistance. The short-term rebound high is around 67300, with support below at the Vegas channel 65000-65500.