Long-term Trend

Yesterday marked the first valid bullish candlestick on the daily chart since the high point of 49,000. Although it was accompanied by a long upper shadow, indicating strong bearish pressure, it ultimately provided a breathing space for bullish retail investors. The long-term trend has reached the fourth day of the downtrend halt. It is important to note that a halt in the downtrend does not necessarily mean an uptrend. If the price cannot quickly break through the bull-bear line downwards, the most likely scenario is a subsequent period of consolidation and oscillation. While this trend does not affect players who are bearish on the long-term outlook, it will pose a significant challenge to the mindset of those holding positions, requiring psychological preparedness. Of course, the presence of a long lower shadow and a bullish candlestick indicates buying interest, but I remain pessimistic about the long-term bullish outlook and advise staying vigilant against sudden bearish pressure.

Medium-term Trend

In yesterday's video, we mentioned the need to pay attention to the performance of the key support level at 42,000. In the current market environment, there has indeed been noticeable bullish defense and bearish profit-taking behavior at this price level. Although this behavior has been confirmed by a price retracement, the subsequent bearish volume should not be underestimated. Additionally, there is strong resistance at the price levels of 43,300, 44,000, and 44,620. The current consolidation is more of a trend reversal following the previous sharp decline, and the probability of a continued downtrend remains high after the consolidation ends.

Short-term Trend

Although there have been occasional fluctuations in the short term, the market has largely maintained a sideways movement for a considerable period. I specifically advised short-term traders to observe and wait as much as possible, as there have been limited short-term opportunities in the past few days. Currently, it appears to be more of a triangular consolidation. If the lower boundary is touched again and broken, there is a high probability that the price will once again challenge the low point of 41,370.

Patience is the first digit of the wealth code. Welcome to join the Pionex community.

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