Attention!! Today, the indicator has finally confirmed a demand zone of 100,000 at the daily level. According to common patterns, the latest demand that appears is usually not broken on the first test. Therefore, the closer the current price gets to this demand zone, the more it is worth going long.
At the short-term level, we cannot determine whether the price will make a second test (I personally believe there is still a chance);
Thus, the possibility of the black converging triangle drawn in the chart being valid is relatively high; this indicates that the market may still oscillate within this range for the next one to two weeks, but this convergence will ultimately end with a breakout.
That is to say, after July, we can consider shifting from a short-term mindset to a trend-based mindset.
Currently, due to the slow upward movement of the daily channel, the upward space for prices has been opened, and the potential target can reach 112,700, which is just above the new high.
At the same time, since the daily line has confirmed a break below the upper line of the oscillation channel, this signifies that the previous bullish trend at the daily level has finally come to a complete end. The subsequent market will likely oscillate between a high range and a shift to a bearish trend;
In summary, if a high-range oscillation is chosen, there is still a possibility of a brief breakout above the new high by a few hundred dollars. If a shift to a bearish trend is chosen, the first target will be the midline of the daily channel: around 97,700;
Based on recent macro data performance and market sentiment, I tend to prefer the scenario of continuing to oscillate in the high range.
