Review and Analysis of the Two Cakes Market
The Ethereum weekly chart continues to show a small bullish candle, consistent with Bitcoin, but on a larger scale, it is currently at a relatively low point. The morning star below has not yet gained momentum. Last week, it rose by 2.05%, an increase of $37. The KDJ indicator continues to show a golden cross moving upwards. Overall, I am looking at the support level around 1730 below, with the target range looking up to 1880.
On the daily chart, it continues to oscillate downwards, with the KDJ three lines diverging. It can be referenced against Bitcoin's trend. Similarly, after the large bullish candle on May 1st, there was a slight decline for four consecutive days, but it did not break below the opening price of May 1st around 1763. The lowest prices between April 28 and May 1 were around 1770, and it has been a week without breaking out of this price range.
The 4-hour moving averages are in a disordered state, but we can see that the 120-day moving average below is consistently a strong support level around 1730. In such a trend, the smaller time frames should follow the larger ones, and we can continue to look at the range of 1730-1880. Overall, the outlook remains bullish.
Today's Two Cakes Trading Suggestions
It is recommended to go long between 1790-1800, with a stop loss at 1730 and take profit at 1880, following the same previous strategy with a 2% position.
For more precise real-time levels, it is essential to set stop-loss and take-profit orders properly, with a special reminder.
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