After mid-July, the K-line emerged with three consecutive red candles and a bullish engulfing pattern; at that time, the bulls were quite aggressive. From early to mid-July, the trading volume kept increasing, as if the bulls were throwing money around without a care, but recently the volume has shrunk to the size of a sesame seed, and it’s obvious that everyone is just watching the show. The moving averages are rising steadily, and the price is firmly standing above the moving averages, oscillating upwards.
EMA7 and EMA30 are neatly aligned and moving upwards, with the price sitting on the moving average, indicating a generally strong trend. The TTSI indicator is flat around 60, with bulls and bears temporarily at a stalemate, showing no signs of a reversal in the short term.
The middle and upper bands of the Bollinger Bands are slanting upwards, and the price has not broken below the middle band, indicating an overall strong upward trend. In the MACD, the DIF line is above the DEA line, but the red bars are getting shorter, indicating that the bulls are losing momentum, and the market is entering a consolidation phase.
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