Looking at the technical charts over a longer time frame: 1. The daily RSI has entered oversold territory; although the price is lower than on November 21st, the OBV is higher. 2. The weekly MACD initially had the potential to form a bottom at 87,000, but failed, and is now at levels seen during the deep bear market of 2022, yet the OBV remains higher than the EMA. 3. The monthly chart looks the worst: MACD is above the zero line, RSI is neutral, and the OBV has formed a death cross. Conclusion: Two extremes: either 74k is the bottom, or 66k is the start of a precipitous drop. Explanation of this divergence: During the decline from 120,000, there was significant buying, especially around 87k. This means the first phase of the bear market bottom at 25k in 2022 might correspond to the current 87k level. Now that the monthly chart is deteriorating, we need to see if the URPD at 87k can hold. If this area becomes a new supply zone, then the 66-74k range will not be able to form a bottom. Alternatively, it's possible that the current 74k corresponds to 25k, and 66k corresponds to 15k.
Risk and Disclaimer:The content shared by the author represents only their personal views and does not reflect the position of CoinWorldNet (币界网). CoinWorldNet does not guarantee the truthfulness, accuracy, or originality of the content. This article does not constitute an offer, solicitation, invitation, recommendation, or advice to buy or sell any investment products or make any investment decisions
No Comments
edit
comment
collection33
like23
share