1. The big picture is 'consolidation': You can see clearly from the chart that the recent prices are swinging back and forth like a pendulum in the range of 103,500 - 106,500 USDT. It seems there's a 'ceiling' up top, which has been hit several times and pushed back down; below, there's a 'floor' where buyers step in whenever the price drops.
2. Where are we now? From the chart, the most recent candlestick is currently stuck a little below the mid-point of this range, neither high nor low.
3. How's the trading volume? The trading volume bars below aren't very high, indicating that the number of buyers and sellers in the past two days hasn't been particularly crazy; everyone seems to be observing, or just making small trades. It feels like two experts are secretly competing, but they haven't shown their big moves yet.
4. What do the moving averages mean? The yellow and purple lines on the chart are intertwined without clearly separating upwards or downwards, which is another typical signal of a consolidation market — the direction is still unclear.
My opinion:
In the short term, it’s highly likely to continue consolidating within this range. Unless there's particularly explosive positive or negative news to disrupt the balance, it won't be easy to break through the top or crash through the bottom all at once.
In a consolidation market, it's both heaven and hell for short-term traders. Chasing highs and cutting losses can easily backfire; it's more suitable to consider small positions for buying low near the lower edge of the range and reducing positions for taking profits near the upper edge. The latest trades today are also concentrated around 104,500, indicating there is trading at this level.
What should you focus on? Pay attention to that 'ceiling' and 'floor'. If one day the trading volume suddenly increases, and the price effectively breaks through the ceiling or crashes through the floor, the trend might change!
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