Hello everyone, I am Dashan. I focus solely on the trends of mainstream coins, providing daily cycle analysis. When someone laughs in the cryptocurrency circle, there will always be someone crying; I hope everyone is among the former! To my fans and friends, I also wish everyone can achieve their goals in the circle!
You can take a look at the article provided yesterday, which clearly indicated that there were signals of short positions being released. Indeed, last night the price fell sharply with a large bearish candlestick, and the smaller time frame's movement became very clear—after testing the previous level of support, the price rebounded. From the current movement, Bitcoin is essentially trapped in a range of fluctuations. If you believe that the previous upward trend line is still valid, then this trend line will still exert some pressure on the price at this stage, and you can pay attention to Bitcoin's fluctuations within the triangular range. If the price continues to push down today and successfully breaks below the support level, the market is likely to continue falling; if it fails to break below, the price is expected to continue fluctuating within this range. For short-term trading, there is currently only the opportunity to try a short long at the support level. Although I will not blindly call trades in the article, the key directions and points will be clearly marked.
Let's take a look at Ethereum. This morning, the price suddenly surged upwards. Friends who had placed multiple short orders near the previous high points are likely to have been liquidated, depending on each person's position management and stop-loss settings. Currently, although Ethereum has shown an upward movement, it has not yet achieved a substantial breakthrough. However, based on the momentum performance at the four-hour level and the strength of the daily chart's upward movement, I personally believe that it is only a matter of time before Ethereum reaches $2800 or even $2900. The market has a willingness to move upwards. Therefore, if you hold long positions from the bottom, I recommend being patient. However, it is obviously not appropriate to chase long positions at this time. On one hand, the current candlestick has not closed, and the validity of the breakout is questionable; on the other hand, even if the price reaches the resistance zone and closes there, the pressure at this position is significant, making the risk of going long high. In the current market situation, it is more suitable for investors who continue to hold bottom long positions with floating profits to patiently wait for profits to further expand. New participants entering rashly will not only find it difficult to seize the opportunity but also struggle to set reasonable stop-loss points.
Playing in the cryptocurrency circle is essentially a contest between retail investors and whales. If you do not have cutting-edge news or first-hand information, you can only be taken advantage of! The article is time-sensitive, and the market changes in real time; the specifics should be based on actual trading. The above suggestions are for reference only!
Investment involves risks; proceed with caution when entering the market.
