With two days of decline, the current price has formed a small bullish candle, while the price has dropped below 110,000, reaching a previous low. Many people might think this is a double bottom and expect a rally, but I have a different opinion. We have also entered several short positions consecutively, and all have been profitable.
From the MACD perspective, the energy bars continue to move downwards, and both the fast and slow lines are under pressure, with no signs of a bottoming out yet, so we continue to hold a bearish outlook.
Looking at the CCI, it is currently around -100, and it is quite difficult to return to the zero axis here, at least not in the short term, so a bearish outlook is more likely than a bullish one.
From the OBV perspective, the fast line continues to move down, and the slow line has also started to turn downwards, with the last indicator also trending towards bearish, so we continue to hold a bearish outlook.
Looking at the KDJ, it has fallen below 50, and there are no signs of a bottoming out, so if this trend continues, it will head towards 20.
From the MFI and RSI perspectives, both indicators are in a weak zone and are trending downwards, which also indicates a bearish outlook.
Looking at the moving averages, they have started to turn downwards, with only the 120 moving average remaining flat, so the moving averages also indicate a bearish outlook.
From the Bollinger Bands perspective, the upper and lower bands continue to converge, consistent with our expectations for Bollinger Bands yesterday. The next step we want to see is the middle band flattening out while the Bollinger Bands continue to converge, as it is currently too wide, which is not conducive to developing a trend.
In summary: several indicators are trending towards bearish, so we continue to maintain a bearish mindset. Today's first target for the bears is not to break above 114,000, the second target is not to break above 112,000, and the third target is for the price to reach around 109,000. Resistance is seen at 112,000-114,000, and support is seen at 109,000-107,500.
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