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I feel a bit awkward when writing this article. We must once again clarify that Lao Guan had already mentioned this market trend at the weekly level two weeks ago. If the decision at the weekly level is valid, then the overall direction must be bearish.
But for the weekly level, it belongs to a relatively large cycle, with each candlestick filling in the volatility of 7 trading days. We have been analyzing the market in detail for the past three weeks, and during this period, we have also provided short-term ideas for the market. Honestly, when we analyzed the market yesterday, we did believe that the price would have a first upward momentum and then a downward movement, because we see that the current position of the market is not enough to show a deep downward trend. But the fact is that the market has just taken a downward trend.
This wave of decline met some people's expectations, and of course, it also broke some people's expectations, but I objectively looked at the current dual currency market from an outsider's perspective. I have this idea. First of all, at the current position on the big cake, it has basically touched the lower edge of the oscillation downward channel line we drew before. I will show you this on the wheat tonight. In this situation, the market may still have rebound behavior after touching the oscillation resistance. So at the daily level on the ether, the several key resistance lines we previously drew have also been successfully touched, and currently belong to the last key resistance line below. So on this basis, Ethereum also has a certain expectation of rebound.
At this point, we are not trying to guide you to engage in bottom hitting, rebound, and bottom buying operations. Instead, we would like to warn you that based on the objective fluctuations of the current market, we are indeed at a critical juncture. It seems that Duojun has been pushed to a dead end, but there may still be a glimmer of hope. Of course, this hope is limited, or only limited to this trading day.
So tonight, our focus is more on discussing with everyone whether the key resistance level below the current dual currency can be broken, and what direction the market should take if it breaks or not.
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Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent AICoin's position or viewpoint and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AICoin, and the consequences shall be borne by oneself.
