The bulls are in control. Pay attention to the 4140-4160 resista
On the daily chart, the price has stabilized above the 5-day and 10-day moving averages (MA5 and MA10), with $4042 being a key support level. The RSI has rebounded to the neutral zone of 49, indicating waning bearish momentum and a shift in the market from a slightly weak consolidation to a slightly stronger consolidation pattern.
On the 4-hour chart, the Bollinger Bands are widening upwards, with the price trading above the middle band. Short-term moving averages are in a bullish alignment. The KDJ indicator is approaching overbought territory, suggesting a potential pullback to consolidate around the moving averages. On the 1-hour chart, the price has encountered resistance multiple times after reaching higher levels.
Short-term trading is recommended to remain conservative and observe, focusing on the resistance level of 4140-4160. For aggressive trading, consider shorting at the resistance level with a 10-point stop loss and a target profit of 30-50 points.