After the big pancake breaks through the trading range box and makes a new high, the price has never been able to hold above the top edge of the box at 808. It then slid lower in a steady downtrend and is now testing the 792 support.
If 792 holds, there is still a chance for a rebound;
Once 792 breaks, the 808–792 range structure will fail, and the next target will be 777.
On the hourly chart, there is an M-head structure inside the range box, with the neckline at 777.
Holding 777 provides some buffer; once there is an effective breakdown, the M-head will form and the downside will extend further. The next area to watch is the lower edge of the box at 764.
To end the current mild downtrend, the only way is a strong rally to reclaim above 808—then there is a chance to restart the rebound;
If it can’t get back above 808 for a long time, the downtrend will most likely continue.
Short-term reference:
If it trades up above 796 on strong volume, an aggressive trader can follow through and go long;
If it breaks below 791 on strong volume and the rebound can’t reclaim the level, then go short in line with the trend. Make sure to set your stop loss.
On the hourly chart, if it holds above 796, the upside targets are 805–815. If it can’t hold up, it’s hard for the rally to continue.
On the 4-hour chart, if it breaks below 790, the downside targets are 777–764
$BTC #加州通过法案拟禁官员发行Meme币
If 792 holds, there is still a chance for a rebound;
Once 792 breaks, the 808–792 range structure will fail, and the next target will be 777.
On the hourly chart, there is an M-head structure inside the range box, with the neckline at 777.
Holding 777 provides some buffer; once there is an effective breakdown, the M-head will form and the downside will extend further. The next area to watch is the lower edge of the box at 764.
To end the current mild downtrend, the only way is a strong rally to reclaim above 808—then there is a chance to restart the rebound;
If it can’t get back above 808 for a long time, the downtrend will most likely continue.
Short-term reference:
If it trades up above 796 on strong volume, an aggressive trader can follow through and go long;
If it breaks below 791 on strong volume and the rebound can’t reclaim the level, then go short in line with the trend. Make sure to set your stop loss.
On the hourly chart, if it holds above 796, the upside targets are 805–815. If it can’t hold up, it’s hard for the rally to continue.
On the 4-hour chart, if it breaks below 790, the downside targets are 777–764
$BTC #加州通过法案拟禁官员发行Meme币