The cryptocurrency market is too volatile. Is it a bait or a crash?

Good afternoon, everyone. I am your Chen Mengsheng. It's been a while since I shared my views, and I really miss you all. So I decided that if today's strategy makes money, I'll immediately send a package to everyone. Hahaha. Alright, that's enough for now. Let's get back to the topic and discuss my views on the current market!

First, let's talk about Ethereum. I remember when Ethereum broke 2800, someone in the square said that once it broke 2800, it would definitely go to 3300. The face-slapping came really fast. Last time I shorted Ethereum, I made a big profit of 350 points. The market is taking it step by step. It’s not that once it breaks, it has to touch the resistance level, and if it breaks down, it has to look for the support level. It just roughly goes that way, just like the second test and the wave. There’s no certainty. The current market is looking at the news. The candlestick chart is quite weak, and chasing after a breakout or breakdown is very likely to backfire. Therefore, trading after a breakout or breakdown essentially doesn’t work. It’s necessary to gamble at key positions. From the weekly chart of Ethereum, there are 7 consecutive spikes testing the top, and the closing prices are basically consistent. Therefore, the resistance level at 2800 is still a significant selling pressure. Looking at the daily chart, it has broken the support at 2300, but those who chased the short yesterday also faced a bloodbath. This wave of rise is very pure, just back and forth washing; both bulls and bears will suffer. So don’t get too high on the chasing-up sentiment. After breaking the support level at 2300, it directly rebounded to around 2110 and then pulled back to the 2300-2480 range. The current position is in the ice line testing phase. If Ethereum is determined to rise, it must break through 2570 and retest not breaking 2480 to confirm an upward trend. So if you're looking to go long now, you can judge for yourselves; there’s no high cost-performance ratio for shorting at all!

After saying so much, let’s talk about entry points. Due to the large fluctuations in the market, I recommend entering with the first position near 2470-2490. Entering short with the first position and adding to the position around 2570. I’ll leave the stop loss to you. The target is to reach below the support level of 2300. Compared to continuing to rebound, I’m more optimistic about going for a second test. I won’t say much more, everyone, please place your orders and ask for guidance! $ETH