Market Sentiment and Recommendations

The bearish flag pattern has been broken below the 2105 support level, and this has not stopped the momentum from continuing downward. The position marked by the yellow arrow is also a minor support around 2069. If the price reaches this level without a rebound, it will test the previous low of 2022. Once 2069 is broken, it cannot be quickly recovered, and a significant decline may follow. From a purely technical perspective, all of this could be invalidated by news factors. When the 2105 level was broken, half of the bullish trend was already destroyed. Only if the price can recover above 2105 and continue to move higher can the bullish trend be sustained, aiming for 2128 and a re-entry into the flag pattern for higher targets.

Why is this rebound so weak? Because this rebound did not break the previous high; instead, it formed a double-top pattern near the previous high, and the exchange rate is also declining, showing a weak performance. The only way to completely destroy this bullish trend is to break below 2022.

Since all the levels that should have held have already broken, it’s time to follow the trend and go short! With volume, short below 2071 on the right side, and lightly short on the left side at the rebound around 2127. Pay attention to volume changes.
On the hourly chart, if it stabilizes above 2097, look for an upward move toward 2123-2159.
On the 4-hour chart, if it breaks below 2076, look for a decline toward 2033-1989.

The 4-hour chart has again fallen back into the bullish flag pattern. The main downward trend marked by the red arrow on the left side indicates that no matter how the rebound, as long as it does not break above the previous high of 2385, it is only a rebound, not a reversal. Once the 4-hour Fibonacci 78.6% level is broken, this rebound will be over, and the market can only rebound temporarily before resuming the decline. If the 78.6% level is broken, there is a high probability that the price will test the lower boundary of the flag pattern around 1950. The 78.6% level is approximately 2060, so this level warrants special attention.