Blitz bear: After a free fall we can spot a descending flag, this also shows a sorting area that is still under downtrend. Even though the price had been above EMA 20 for a while, but the bull just can push up more thus the candles keep attaching EMA 20, a very weak signal. Our potential target would be 361.
Blitz bull: There's no surprise that price would encounter resistance in this area. If we look back we will find that the area we are in now was a high-value area since Nov 2020. As long as the price didn't break out to the downside of this area, we are under a long-term consolidation in one week's chart. In other words, most people would think this is unconquerable support and it's the time to buy at the dip.
Blitz bull: There's no surprise that price would encounter resistance in this area. If we look back we will find that the area we are in now was a high-value area since Nov 2020. As long as the price didn't break out to the downside of this area, we are under a long-term consolidation in one week's chart. In other words, most people would think this is unconquerable support and it's the time to buy at the dip.
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