Brothers, I am Zhou Yi. Today, as soon as I opened my eyes, I saw that BEAT was trending again. Are you feeling itchy? Do you want to chase it? Don't rush, let me calmly break it down for you—this is likely the main force 'laying mines' at a high position, while most people are jumping into the pit!
Looking at the news: Behind the hustle and bustle is the sickle
BEAT is indeed popular, with trading volume surging by 80%, rising 2800% from the low point. Scary, isn’t it? But remember an old saying: 'When good news is fully out, it is bad news.' When everyone knows it has skyrocketed, that is precisely when the risk is the greatest. Interested institutions? They might be quietly unloading, and you could be the one picking up the pieces.
Look at the technicals: Four words, clear and straightforward
Look at the 4-hour candlestick chart:
Resistance level 4.7: This is today's 'ceiling'; it is almost impossible to break through effectively during the day. When approaching this level, strong selling pressure is inevitable.
Key level 3.8: This is the dividing line between bulls and bears; if it breaks below here, the downward space opens up.
Support levels 3.0, 2.3: 3.0 is the short-term support, but if it really drops, 2.3 is the 'big bottom' that might be seen in this pullback.
The most lethal signal has arrived: The MACD yellow and white lines have already crossed from golden cross to death cross, and it turned after steadily climbing above the 0 axis! This is a typical sign of 'upward momentum exhausted, bears beginning to counterattack'! Coupled with the shrinking trading volume, it indicates that the funds chasing high prices are falling behind. RSI and MFI are also signaling overbought and divergence, the technicals have already sounded the alarm.
Yijing's personal views and suggestions:
The conclusion is clear: I am bearish on BEAT in the short term. Today, I believe it is unlikely to truly reach 4.7; the greater probability is to turn downward under the resistance of 4.7, with the first target being the range of 3.8-3.0. If market sentiment deteriorates, it cannot be ruled out that it will test the strong support near 2.3.
Yijing suggests:
For those who haven't entered yet: Hold your horses! Chasing high prices now is a gamble. If you really want to play, wait for it to drop to around 3.0 before considering a light position to catch a rebound, in and out quickly.
For those already holding: If your cost is low, consider taking profits in batches around 4.5-4.7 to secure gains. If your cost is high, reducing positions on a rebound is the best strategy.
Aggressive experts: You can take small positions to short around 4.6-4.7, with a stop loss above 4.8, and aim for 3.8.
Remember, even in a bull market, there are ups and downs; healthy pullbacks allow for longer journeys. BEAT might still have a story in the medium to long term, but in the short term, we must avoid this wave of pullback!
The market is always changing; just reading one article is not enough. If you want to know in real-time where I place my Yijing orders, when I bottom-fish, and when I escape the top, and don't want to be the harvested leeks, follow me. Find the Yijing chat room, and I will bring my technical team to place the answers in your hands before the market starts.#迷因币ETF $BEAT
