Click on the link to join: https://meeting.tencent.com/dm/7qHC8UBEyoKP
Price Trend Analysis
K-line shape:
At the 4-hour level, there was a long lower shadow line that bottomed out at 3045 and rebounded, forming a short-term support structure.
The daily chart closed positive after three consecutive bearish lines, but did not break through the previous high of 3265, still in a downward channel.
Technical Indicators:
MACD: The 4-hour DIF and DEA have a golden cross below the zero axis, but the daily MACD bar continues to shrink, indicating insufficient kinetic energy.
RSI: The 4-hour RSI (14) rebounded from 37 to 45, leaving the oversold zone but still below the 50 median; The daily RSI (14) of 49.14 indicates a neutral to weak trend.
EMA: The price rebounded above EMA7 (3123), but was suppressed by EMA30 (3168), and the 120 day moving average (3120) formed dynamic support.
Turnover
On the day of the sharp decline (December 12th), the volume increased by 143186 transactions, but later rebounded and decreased to 25048 transactions, indicating insufficient follow-up from buying.
The recent low of 3045 has been accompanied by daily trading volume, confirming the existence of strong support at this position.
[Trading Point]
Buy Point 1: 3090 USDT (near the 4-hour EMA120 support level of 3120, combined with the previous low of 3045 rebound structure, the integer level of 3090 is available for buying)
Buy Point 2: 3060 USDT (a strong support area at the daily level, located 1% above the December 13th low of 3045, in conjunction with a second testing opportunity after exploring the bottom with high volume)
Long stop loss point: 3030 USDT (3% space below the previous low of 3045 to avoid false breakout interference)
Sell Point 1: 3160 USDT (4-hour EMA30 resistance at 3168 and 50% Fibonacci retracement from band high at 3265, plus integer pressure)
Sell Point 2: 3200 USDT (at the technical selling pressure level close to the starting point of the sharp decline, 3231, at the upper edge of the bonding and compression zone between the daily EMA7 (3156) and EMA30 (3163))
Short Stop Loss Point: 3230 USDT (Breaking through the previous high of 3231 indicates a trend reversal and strict stop loss is required)
Official QQ fan group: 338581646
Click on the link to join the group chat: https://qm.qq.com/q/7wtSGlsCuQ
Tencent Meeting ID: 122-357-356
Trading is a long process. By adjusting your mindset, grasping the short term, and being able to hold onto the long term, you will definitely generate a chemical reaction in this market. Welcome to join the Wanxiang blockchain community and experience a different kind of trading
Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.