Yesterday we mentioned looking for a downward trend, and today the market has surged. The rebound has met expectations, and we believe a reversal is imminent, leading to a second exploration to form the second leg.
From the MACD perspective, the energy bars continue to rise, and both the fast and slow lines are moving upwards, which is favorable for the bulls. However, after several days of continuous rise, it is unlikely that the bulls will push it up directly, so we are looking for a reversal here.
From the CCI perspective, the CCI has been rising for several days and is currently below -100. Theoretically, there is a resistance level here, and under pressure, the market may decline, so we believe the market has reached a temporary high.
From the OBV perspective, there has been a continuous inflow over the past few days, resulting in a certain volume. However, it is still quite far from the slow line, and the probability of the bulls pushing it up in one go is very low. Since it cannot be pushed up in one go, it is likely to pull back for a correction, so we expect the market to retrace.
From the KDJ perspective, the KDJ is about to reach 80, which is a threshold and is likely to face resistance, indicating a potential top signal.
From the MFI and RSI perspectives, the MFI has entered a weak zone, while the RSI has already reached a neutral zone. Here, it could either continue to rise or consolidate.
From the moving averages perspective, the market has now risen above the BBI, breaking through the resistance level we mentioned yesterday, which is a victory for the bulls. However, whether it can hold this level will need to be seen in the coming days.
From the Bollinger Bands perspective, the lower band is flattening, officially ending the downward channel trend. The next phase is a wide range. Currently, the coin price is near the middle band. According to the theory of wide ranges, if the price is constrained by the middle band, it should return to the lower band. Therefore, we expect a decline. If the price breaks through the middle band, it should go to the upper band, but it is quite far from the upper band, and since it has already risen for several days, it will be difficult for the bulls to push it to the upper band, making this scenario unlikely.
In summary: The coin price has reached near the middle band, and we believe this is the temporary high. The market is likely to decline and make a second exploration to form the second leg. Today's resistance is seen at 93500-94500, and support is at 91000-89500.
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