#HK50

Member Request

On the weekly chart, a series of higher lows has established a bullish foundation, suggesting underlying strength. 

However, after reaching resistance around $23,000 a few weeks ago, price reversed, and a bearish pennant has since formed, indicating potential downside pressure. 

The recent weekly candles highlight bearish control, with five consecutive weeks of lower closes. Last week’s candle—a spinning top with a long upper wick—reveals that bulls attempted to push higher but were ultimately overpowered by bears, reflecting strong selling pressure at resistance. 

As this new week begins, we’re seeing a small doji, signaling indecision and a lack of momentum from either side at the moment.

On the daily chart, price has been consolidating within a sideways range for the past month. Until this range breaks, the short-term trend remains neutral, leaving traders awaiting a clear breakout or breakdown to define the next directional move.

$TCEHY $BABA $JD $PDD $BYDDY $CHL $PTR $SNP $HNP $CNHI $CHA $XI
#HK50