Date: October 26, 2024
Market trends towards oscillation and adjustment, focus on the support below.
Technical Analysis
Daily Level: Yesterday's daily K-line formed an engulfing pattern, swallowing the bullish K-line from the day before, which is a negative signal for bulls. If tomorrow's closing forms a bearish K-line, the engulfing pattern will be established, and the price will continue to dip. In terms of moving averages, the angle of the daily Vegas channel has started to rise, with the price supported near the EMA15, but the EMA15 moving average is flattening and could break down at any time. Pay close attention to the support area below 65000-65500; if this support is broken, look to the Vegas channel around 62000 for potential support and rebound formation. The upper resistance is 68800 (short-term double top).
4-Hour Level: The 4-hour chart has repeatedly tested the upper edge of the Vegas channel, and the angle of the EMA15 moving average has begun to trend downwards, forming resistance. The short-term rebound high point is around 67300, with support below at the Vegas channel 65000-65500.