Price trend analysis

1. Candlestick pattern:

- The daily level shows a recent sharp decline in price from a high near 3010 to around 2830, forming a clear long black candle with a bearish-dominated trend.

- The hourly level is fluctuating in the 2830-2860 range, but the overall is still in a descending channel, and there is no clear reversal signal.

2. Technical Indicators:

- MACD: The hourly MACD continues to run below the zero axis, with both DIF and DEA being negative, and the histogram is enlarged, indicating that bearish strength is dominant. The daily MACD is also diverging downwards and is difficult to reverse in the short term.

- RSI: The hourly RSI value is around 21, close to the oversold area, and there may be a need for a technical rebound. The daily RSI is weak and remains below 30, indicating that market sentiment remains pessimistic.

- EMA: The hourly line EMA7, EMA30, EMA120 are bearish, the current price is below all EMAs, and EMA7 (2870) is suppressing the price; The daily EMA system is also in a bearish position, with EMA30 (2948) being an important pressure level above.

3. Trading Volume:

- Daily volume amplified, especially during the plunge, indicating heavy selling and clear signs of capital exit.

- The hourly volume is gradually shrinking, indicating that both the long and short sides are temporarily on the sidelines, waiting for further direction choices.
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