Date: October 29, 2024

Bullish trend confirmed, identifying true breakouts and false breakouts.

Technical Analysis

Daily Level: Yesterday, it was mentioned that CCI formed a W bottom in the +100 range, which, from a technical perspective, has a probability of a large bullish candle breaking resistance. This has currently received initial validation. The bullish trend can only be confirmed if the price breaks through resistance and holds above the previous high. If the price does not fall below the previous high of around 69,500 during the day, the bullish trend is established. The target for the continuation of the bullish trend is the Fibonacci 1.382 level at the daily level (around 73,300). If it directly breaks below the previous high and continues to fall, it indicates that the breakout may be a false breakout, which is a trap set by market makers. At that time, attention should be paid to whether there is a possibility of reversal, with support at the Fibonacci 0.79 level (around 67,500).

4-Hour Level: The 4-hour Vegas channel is still running upwards, indicating a bullish trend. CCI is above the +100 area, indicating strong buying pressure. The Vegas channel is operating in the 65,500-66,000 range, where there is support.