$ETH Evening Thoughts:
I originally thought that on Saturday the big coin would consolidate while the second coin would have a rebound and the altcoins would surge, but unexpectedly, it turned out the opposite.
A few days ago, the second coin and altcoins struggled to rise a bit but then gave it all back. For those expecting the altcoin season, you'll have to keep waiting.
Remember, those who told you to buy altcoin spot and open altcoin contracts are not good people. If you want to play spot, just buy the big coin; even the second coin is irrelevant. The big coin has already broken new highs, while the second coin hasn’t even broken its previous high! Furthermore, altcoins, wake up quickly, everyone.
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Let’s talk with charts: the second coin on the 4-hour level has this big M pattern. Is it scary or not? It looks a bit fierce!
Moreover, the second coin on the 4-hour level also has a bit of a double top meaning. The M pattern plus the double top for the second coin is not good. Once the 4-hour level breaks below 2442, the M pattern will be established. Adding in the 4-hour level double top, think about the power of this situation—it's not to be underestimated.
For the second coin, breaking through 2559 with volume can only be a short-term long position on the right side; breaking below 2546 with volume can only be a short position on the right side. Pay attention to the changes in volume and set your stop loss properly.
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If the second coin on the hourly level can break through 2579, it will move upwards, looking at 2619-2650; we can’t see anything higher.
On the 4-hour level, if 2494 is broken, look down to 2454-2393.
Continuing to look at the chart: the second coin on the hourly level is currently moving within this box in the chart. It will continue to operate within this box until it breaks or consolidates. You can make high sell and low buy based on the upper and lower boundaries of the box.
If it breaks or falls below the box, just set your stop loss.
Trading high sell and low buy within the box is considered left-side trading, so be cautious with your position size. If you want to do right-side trading in the box, you can wait for a breakout or breakdown of the box's upper or lower boundaries to enter short or long positions.
If it returns back into the box, set your stop loss. Choose whether you prefer left-side or right-side trading, it's up to you. Meeting adjourned.