Prices have been falling all the way, and after a rebound to the 30-day moving average, they are under pressure. When the price rebounds to the 30-day moving average and fails to break through, we can enter a short position with the 30-day moving average as the resistance level.
As mentioned earlier, when engaging in short-term trading, the most commonly used moving averages are the 5-day, 10-day, and 30-day moving averages. In fact, they serve as three defensive lines during upward or downward trends. Each moving average will have a supporting or resisting effect on the market. Whenever any of the three moving averages exerts resistance or support, it presents an opportunity for us to enter long or short positions. If the 30-day moving average is broken or surpassed, the market might be about to change.
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