Weekly level:
Last week's weekly level closed with a star-shaped positive line
It is a star line of adjustment type game in the weekly downward trend starting from 110000
K-by-K weekly analysis:
The weekly line opened on January 20th is a rising resistance candlestick after the price reached the high point of 110,000.
The weekly lines from January 27 to February 17 are all high-level callback-type downward trend K-lines.
This week's weekly line continued to move negative after opening, and formed a strong entity engulfing the left and right adjustment K-lines in front
This means that the sharp weekly correction continues the downward trend while going further.
The MACD dead cross at the weekly level continues while the volume column remains unchanged for 5 weeks
This means that the weekly decline in the correction trend is likely to form a large and deep correction.
The callback cycle is a deep callback downward trend caused by the top callback formed by the upward trend after the previous daily level box breakthrough of 69000.
Daily level:
The daily level structure is still in the box structure
Yesterday's daily level closed and fell with an engulfing negative line
Opening price: 96218, Highest price: 96470, Closing price: 91514, Lowest price: 91300
The difference between the lowest price and the closing price is only 200 points, and there is no obvious lower shadow line
It means that there was no selling at the daily level during yesterday's decline.
In other words, the decline is not technical, in other words, it has not yet ended.
However, the price is already close to the daily support level of 91000
However, I personally think that the daily decline here is different from the previous daily declines in the test of the support level below.
First point:
The previous daily level support test low is moving down
Second point:
The previous daily level did not have a complete top, a falling channel, and a falling trend, but this decline is different. As the low point of the daily level box continues to move downward, the falling channel in the downward trend is obvious and continuous.
Third point:
Today's daily line does not have any lower shadow, which means that at least there is no resistance to the decline near the support, that is, the decline has not been completed.
Fourth point:
From the breakthrough of 69,000 to the top of 110,000, the increase is about 41,000 US dollars
The top is formed, and the large-scale downward trend is emerging. There is a large amount of profit-taking and a high price correction demand.
One hour level:
After the one-hour level of the large-volume decline K-line closed from 5 to 6 in the morning
There is no obvious strong rebound
This means that there is almost no strong buying here, and most of the price fluctuations are normal after the selling profit settlement.
Under the bearish trend, no effective and strong rebound was seen, and the hourly pressure level was formed: around 92500
While selling sentiment continues to strengthen, the selling trend has not ended
There is no bullish structure or arrangement, and there is no reason to go long.
The trading strategy can only be considered as buying on highs, and continue to pay attention to the test of the bottom support. If it falls below 89,000 and does not recover for a long time, and continues the downward trend, it means that the daily box support has been broken, and the overall downward trend will continue to spread from the weekly level to the daily level. Deep correction
