Date: November 1, 2024
Trend reversal, bearish confirmation.
Technical Analysis
Daily Level: Yesterday's candlestick formed a large bearish candle, combined with the previous hanging man candlestick forming a top model, confirming 73700 as the current top of the trend, which has reversed. After a sharp decline, there will be a short-term price rebound for correction, but the overall trend remains unchanged. Once the 71400 level is broken, support and resistance will interchange, forming new resistance. Currently, the trend has shifted from bullish to bearish, with the overall strategy being to short on rallies. Around 68000, there is multi-level resonance support from the Vegas channel, watch for this area to see if a new round of bottom formation occurs.
4-Hour Level: The 4-hour Vegas channel is running near 67000, the EMA15 moving average (around 71000) has been broken, changing the support and resistance. CCI has fallen from the overbought area above +100 to a fluctuation area. Levels below 4 hours further confirm the bearish trend.
Simplified Version
Date: November 1, 2024
Technical Analysis:
Indicators: EMA15 + Vegas Channel + CCI
Conclusion: Trend reversal, bearish confirmation.
Resistance Levels: ① Near 71000
② Near 73700
Support Levels: ① Near 68000
② Near 67000