Crypto Circle Scholar: The cruelty of the Ethereum market on June 21 is not in its volatility, but in whether you can execute strategies like a machine! Latest market analysis and reference suggestions
Ethereum's current price is 2400, and it is currently 4 AM Beijing time. Let's review what was mentioned at the beginning of yesterday's article: either stretch and break 2570 to initiate a bullish trend, or break down below 2400. Therefore, after reaching 2550, I chose to go south. The reason is simple: plan your trades before the market opens, and strictly execute the trading plan during the market. Execution should be at 100%. As soon as doubt arises, the trade will deviate, and at that moment, you should slap yourself.
The daily K-line reached a high of 2568 and a low of 2360, with the highest point just touching the upward trend resistance level without breaking it. The southward strategy is effective, and the bottom support reached the key Fibonacci retracement level of 0.382 at 2425. Now, we just need to see if it can break below that level. If it closes below 2425 at 8 AM, the market will further decline. MACD will continue to decrease volume and accumulate positions, and DIF and DEA have started to push down towards the 0 axis. The K-line is testing the Bollinger Bands' lower support at 2365. After further testing the bottom, going south can consider taking all profits and thinking about going north.
The four-hour K-line had a wave of false high inducement after breaking the EMA trend indicator, forming an evening star, and has fallen below the trend indicator. MACD volume has ended and started to decrease while accumulating positions. DIF and DEA formed a dead cross below the 0 axis, further confirming the bearish trend. Additionally, the lower Bollinger Band at 2455 has been lost, and the K-line has left the Bollinger Band channel. The overall market has not yet entered extreme oversold conditions, indicating that there is still momentum for further bottom testing. Before that, it is not recommended to go north, but rather to focus on continuing south after a pullback.
Short-term reference: Safety first. Remember that there is no certainty in the market, so always set stop losses. Safety first, small losses, and big profits are the goal.
Southward trial entry points 2450 to 2480, defend at 2500, stop loss 30 points, target looking at 2400 to 2350, breaking below looking at 2300.
Northward trial entry points 2380 to 2350, defend at 2310, stop loss 30 points, target looking at 2430 to 2470, breaking below looking at 2510 to 2550.
Specific operations should be based on real-time market data. For more information, you can consult the author. The article may have delays in publication and is for reference only; risks are to be borne by the reader. $ETH
