The market has clearly been falling recently.
Although it was quite lively before with ups and downs, the volatility has noticeably narrowed now, and the market is gradually entering an adjustment phase. It is estimated that there will continue to be fluctuations in the short term, with bullish forces accumulating, but the market shows the possibility of further declines.
From the daily chart, when it fell to around 102000 yesterday, it was immediately pulled back, and the K-line formed a long lower shadow, indicating that there is strong support at this level.
The hourly chart shows that this support level has been tested repeatedly without breaking, and during the U.S. trading session, the price even surged close to the previous high.
Overall, the major trend remains upward oscillation, and the current sideways consolidation is actually digesting the over-inflation caused by the sharp rise at the beginning of the month.
Looking at the 4-hour chart, it rebounded twice from the 102000 level, and now encountering selling pressure as it rises near the previous high.
Today, pay close attention to the strength of support in the 104000-105000 range below, while also watching for breakthroughs in the 106500-107500 pressure zone above.
