The recent 4-hour K-line has formed a double bottom prototype, with bottom support around 3354~3483. Buying pressure is quite strong, and it is clear that someone is picking up below 3500.
The daily line has two consecutive long lower shadow bullish candles, indicating that the support below is still holding, and the bears are unable to push down further.
Technical signals are also starting to lean bullish:
The 4-hour MACD has a golden cross, with the bars turning red; however, the daily line is still in the bearish zone, so bulls should not be too aggressive.
The 1-hour RSI is above 60, indicating that the bulls are losing some momentum; the daily RSI is at 56, suggesting there is still plenty of room.
The price has just crossed above the 7-day moving average (3499), providing short-term support.
The 30-day moving average at 3581 is the first level of resistance, and only by breaking through it can we expect further upside.
