Daily Market Analysis
Date: October 22, 2024
The market is experiencing a reversal, with a focus on the support levels below.
Technical Analysis
Daily Level: Yesterday's daily candle closed as a large bearish K with a short lower wick, indicating strong bearish momentum. The MACD indicator has formed a death cross. If you want to short, you can look for intraday highs to set up short positions. Currently, the market is finding support near the Fibonacci level of 66700, and there has not yet been a signal of a stop in the decline, with potential further decline towards the 64500-65000 range.
4-Hour Level: The 4-hour CCI has returned to the oscillating range of +100 to -100, with the Vegas indicator reaching the 64500-65000 support level, forming strong support. Currently, the market price has broken below the support level from yesterday, and there is likewise no signal of a stop in the decline on the 4-hour level, suggesting that prices may continue to drop. Bearish targets can continue to focus on the lower platform in the 64500-65000 range.