12.6 Midday Silk Road and Suggestions
The recent K-line structure shows a low-level horizontal consolidation pattern after hitting the bottom at 2978, with small bearish and bullish candles, and no significant bullish breakthrough, indicating a very weak counterattack from the bulls, which is a weak consolidation after a decline, rather than a trend reversal; the current price of 3037 is at a drop of 4.16%, situated below the middle track of the Bollinger Bands, with the upper track declining and the lower track flattening. The short-term bearish trend is dominant, only showing a weak stabilization after overselling.
The KDJ indicator's J line approaches the overbought range, the K/D line shows a golden cross upwards, but the J line is about to turn, indicating that the short-term rebound momentum is close to being exhausted, with pressure for a pullback. The MACD histogram is negative and close to the zero axis, with the DIF and DEA nearly merging, indicating a temporary stalemate in bullish and bearish forces, with the bearish trend not fundamentally reversed and the rebound lacking sustained support.
The short-term 1-hour cycle exhibits characteristics of an oversold weak rebound + bearish dominance, with the rebound clearly suppressed by the middle track of the Bollinger Bands. The KDJ is about to enter the overbought range, also indicating limited rebound space. If it cannot effectively break through the resistance level, it is highly likely to return to a downward trend. In the short term, it is suggested to retrace to around the 3010--2970 position, where a light position can be taken, and the target can be aimed at around 3055--3080.
The above is only personal advice and for reference only $BTC
