The monthly line is a small bullish candle with upper and lower shadows, and the trading volume is two-thirds of last month's. It has shown a trend of shrinking volume and rising for two consecutive months.
The monthly MA30 line is still in an upward trend, and the MACD shows a slow increase in upward momentum above the zero axis.
The monthly price is significantly deviated from the monthly MA30 line, and the MACD continues to rise. Normally, an adjustment is needed, so caution is required.
The daily line is a small bearish candle with short upper and lower shadows, and the trading volume is about 1.5 times that of the previous day, which is not considered a significant increase; it is within the normal trading volume range.
The daily MA30 line is flat and slightly downward, but it has been fluctuating up and down recently. The MACD shows a weakening upward momentum near the zero axis, indicating that there is a divergence in current funds, with no clear direction.
However, as we mentioned, the rebound of the 2-day line has already taken effect, and there is a high probability of pushing upwards to break through the previous high. Next, if the price falls back and tests the daily MA30 line without breaking it, there will still be an upward trend. If it breaks the support of the daily MA30 line, the price will further drop to around $104000 before rebounding. I believe that the current fluctuation is just a smokescreen; after a short-term fluctuation, the price will still surge upwards to break through the resistance at $120000, and then it will decline for a correction. The daily level resistance is $115000-120000-1301130, and the support is $105700-103820-100400-97850-95930.
