The daily line shows a long bearish candle with short upper and lower shadows, and the trading volume is about three-quarters of the previous day, which does not count as a significant volume drop.
After the price stayed above the daily MA30 line for two consecutive days, it could not hold on the third day and fell back below the MA30 line. Currently, it is supported near the daily MA120 line, forming a weak rebound at the hourly level.
We have mentioned that it requires three consecutive days above the MA30 line to consider it a preliminary trend reversal. Now that the price has returned below it, the next trend will still be a rebound from oversold conditions, and the market has not shown a reversal.
The fluctuation trend in the large range of 120-180 over the next few months remains unchanged as we have always said. For those who can do swing trading, big swings can be made. For those who cannot operate, buy spot at dips of 130-120-110-100 and just wait.
In the short term, the trend will move in sync with Bitcoin, and there will be no explosive market movements.
Daily level resistance levels are 165-185-200, and support levels are 145-132-120-110.
