Bitcoin is at a critical resistance level right now, so I really don’t dare to chase a long.
Looking back at the stock, I found the Korean market quite interesting. From a very large-cycle perspective, Korea has gone through a major bull move—up four times. This retracement has tested for less than 50%, so it can also be considered a healthy pullback.
I don’t understand the fundamentals. I only know that Korea has gone through a fairly brutal deleveraging purge. The positioning is light, and buying the national benchmark index has a natural advantage: the country will support the market, so it’s easier to buy.
Technical analysis judgment:
Four-hour naked K: it stands above the POC, above the neckline, and breaks through the downtrend line—bullish signals appear.
The moving averages have also moved above the long-lost 60-day moving average line (60MA), officially signaling a departure from the slump.
