July 4th ETH Trend Analysis
Naked K: The daily chart shows an upward trend. Excluding the fluctuations caused by last night's news on the hourly chart, it is forming an ascending triangle. Everyone can make trades based on this triangle pattern today.
Moving Averages: The daily level has broken through all moving average resistances, with moving average support at 2512/2457. Yesterday, I mentioned that when the 4-hour chart retraced to the 5-day and 7-day lines, it was a buying opportunity. Those who followed that advice are now profiting. The price is still above the 5 and 7 moving averages, and today we continue to focus on the support from the 5-day to the 10-day moving averages, which remains bullish.
Bollinger Bands: Although the upper band pressure on the daily chart has weakened, it is still a significant level not to be overlooked. The upper band pressure is at 2661, and the middle band support is at 2457. On the 4-hour chart, the upper band pressure is at 2655, and the middle band is at 2509. If the price retraces to the middle band, I personally suggest choosing to go long.
MACD: A golden cross is ongoing on the daily chart, while a death cross trend is present on the 4-hour chart.
Trading Volume: After a significant increase, trading volume has shown weakness, and the weekend is approaching.
Supply and Demand: The upper supply range is 2815-2879; the lower demand range is 2437-2448, 2370-2397.
Fibonacci: The 0.618 retracement level of the 2878-2108 range is exactly 2535. Recently, we should observe whether this pressure can break through and hold. The 0.786 level is at 2714, and 0.5 is at 2495.
Vegas Channel: On the daily chart, we need to see if the pressure range of 2540-2575 can break through and hold; if it holds, we can continue to look upward. The 4-hour support is around 2480.
Personal advice is for reference only: The market is currently in a short-term adjustment phase. Everyone can trade based on the ascending triangle on the hourly chart. Personally, I believe that the decline provides an opportunity to enter long positions (I thought so yesterday, and I still hold this view today). I personally judge that this short-term correction will not be too deep, with 2560 being aggressive (if we revisit that level, it should be with a light position). The reasonable long entry point is around 2525 (a reasonable long entry point is one that is close to the stop-loss with a favorable risk-reward ratio). It is unlikely that we will reach 2494 and 2465. Focus on low longs with high shorts as a supplement. In the past two days, we have entered a low long mode where it has been consistently profitable. $ETH
