Yesterday, the analysis showed a small gap in the range of 69500-69000. Generally, gaps formed by a strong rise in a single candlestick due to news will mostly be filled. Yesterday also tested and filled this level, and this level is also the breakout gap at the bottom. After testing, it rebounded again. We analyzed that if it fills without rebounding, it would announce the end of the rise, but after yesterday's filling, there was a rebound, which means the price is likely to accumulate power to test the pressure again.

The daily line ended with a T-shape, a K-line of a fluctuation repair. If a small bearish or medium bearish candle appears, the probability of a continuation of decline today might be greater. However, yesterday was just a repair market, and it does not exclude the possibility of a rise above 71800 today. In fact, the current trend is a very typical range fluctuation; the market's continuity is poor, and the transition between bullish and bearish is relatively fast. In such a market, it is better to find the key price behavior at critical points to trade effectively.

From the current overall structure, the fluctuation leans slightly stronger. Today might close with another bullish candle. There is no consideration of resistance to go bearish; instead, we are waiting to test the previous gap area of 72500-73000. The short-term support is around 70000. If the test receives support, we can look for a rebound. The key point is still the resistance situation at the upper gap; here, a secondary high point might form, leading to a new round of downward structure.

The hourly line is forming a head and shoulders bottom structure, with the neck line around 71500. It is currently in the process of testing the breakout of the right shoulder. If it breaks and stabilizes, a wave of rise will continue, perfectly filling the previous gap, and then we will see if the price behavior at that time is hindered and falls back. At that point, shorting would be the most prudent approach. If shorting during a one-sided strong upward process, the risk is high, just as I have always mentioned — do not short during the first retest in a one-sided rise, wait for a second confirmation.

In summary: Currently, the overall situation is in a wedge consolidation process, with the long-term trend remaining bullish. Yesterday saw a repair market, and today the possibility of continued rise is slightly greater. 71500 is still a key resistance, but if it tests again, it should not be shorted. The short-term support is at 70000, and testing this level intra-day could lead to a rebound. The target is looking towards the 72000 mark, and if broken, the next level is 74000.

Follow the public account, how to relieve worries, only Jiang Wei, a treasure analysis blogger with high emotional value, freely shares trading teaching, bringing stable power and clear guidance in the restless trading market, with experience through three rounds of bull and bear markets and many years of trading practical experience, skilled in naked K, trends, Dow Theory, Gann, harmonics, Chan Theory, wave theory, and other technical analyses, gathering unique insights.

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