MAGIC Horror for 12 Hours! The Death Cross Has Quietly Formed
MAGIC's recent drop of 9.33% from 0.1905 to 0.1728 may seem like a technical correction at first glance, but looking again at the 7-day moving average firmly pressing down on the candlestick, doesn’t it resemble dark clouds looming over a city ready to strike?!
Let’s break the window and speak plainly: Losing the middle band of the Bollinger Bands at 0.1778 is one thing, but the price actually closed 3.5% below the 7-day line at 0.1958! What’s even more heartbreaking is the KDJ indicator, where the K value of 62.51 is crossing below the D value of 74.26, this death cross clearly signals a bear flag charging forward!
Additionally, there are three ticking time bombs: the MACD red bar at 0.0063 is still shrinking, the RSI can’t even hold the critical level of 60 with all three lines, and doesn’t the scene of a large bearish candlestick like a guillotine seem familiar?
If you really want to bet on a rebound, wait until it stands above 0.18 and take a small position to try going long, but if it breaks 0.1700, cut it sharply!
Some people shout “0.17 support to buy the dip,” but looking back, the lower band of the Bollinger Bands at 0.0866 is still beckoning from the abyss! In this era, market makers love to crush support before a big rally, are you sure you’re not trying to take nuts from the fire? If you really follow the crowd, may I ask how much of your position is left now?
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