Review of yesterday's article:
Yesterday's article was titled 'Conflict between Tops and Bottoms', with a price of 85800 at that time, and today's highest price is: 95000.
An increase of 9200 USD.
The bullish target of the head and shoulders pattern mentioned at the hourly level yesterday has been achieved.
The price target mentioned yesterday was 95000, and the highest price today is 95000.
Important point mentioned yesterday:
1,
The daily level downtrend that started from 110000 has come to a pause around 78250, with a significant amount of bulls entering the market and gradually taking over.
2,
The arc top still has an unachieved first segment equal distance drop target after the breakout, or during the process of achieving the target price around 72350.
3,
The daily level has currently formed the first strong rebound and bullish turning confirmation candlestick in the overall downtrend cycle. The small upward trend in the down cycle is gradually starting, and market sentiment is slowly shifting from extreme panic selling to early buying sentiment.
4,
The four-hour level has seen a head and shoulders pattern driven by the hourly level, with the neck line around 86500 successfully breaking and stabilizing, forming a sustained rise. A drop below the neck line after a successful breakout indicates a failure.
5,
The formed head and shoulders pattern conflicts with the arc top pattern mentioned in the previous article, but both patterns still hold.
6,
The key actions for the success or failure of the arc top depend on the support at the bottom position of 91400 at the daily level and the neck line position of the arc top. If the bullish trend breaks through and stabilizes, continuing to rise, the first segment target of the arc top is only about 61.8% completed. Once the price reaches 91400, it indicates that the head and shoulders pattern has successfully broken through, and the first equal distance rise target of the head and shoulders pattern is basically completed. The seemingly conflicting two patterns only need to focus on one position, which is around the neck line of 86500. Whether it breaks through or not determines the subsequent movement of the two patterns and the absolute direction in the later stage.
7,
The hourly level has formed a clear strong resistance around 86500; however, within a strong rebound bullish trend, there has been no significant selling pressure, showing an overall performance of only pressure without a substantial drop.
8,
The buying sentiment still exists while the selling pressure is weak.
9,
The head and shoulders pattern formed from the hourly to the four-hour level is more evident and complete at the hourly level.
10,
The first bullish target of this head and shoulders pattern is the first equal distance rise from the bottom 78300-86500, which means from 86500 to 95000, to complete the head and shoulders breakout and achieve the target increase.
11,
The bullish target of the head and shoulders pattern mentioned at the hourly level yesterday has been achieved, with the target of 95000 reached yesterday, and the highest price today is 95000.
