From the 4-hour level chart, around the 110,000 mark, the market has been steadily supported, forming a clear support. Currently, it has not fallen below this key level, but rather is slowly adjusting above the support.
More importantly, the market sentiment—expectations for interest rate cuts are gradually becoming clearer, getting closer to a definite signal. Once the subsequent interest rate cut signals are truly implemented, it is likely that the major asset can slowly recover from the current adjustment and step back into the previous upward channel, making the overall trend smoother.
However, there is a key position to pay attention to this week: if it can rise above 114,000 again, the 4-hour upward trend will be more stable, and the likelihood of following the trend will increase; but if it remains stuck below this position and oscillates, then in the short term, we will have to wait for a clearer direction to make a judgment.
As for the long-term trend, it is still looking above 120,000, and the short-term adjustments do not affect the judgment of the overall direction.
