⛈️ September 7th Afternoon Market Perspective. ⛈️
$BTC Perspective:
The major coin is rising well, but why did it dip down in the early morning? Because it reached the resistance level of 109100 and couldn't get through, encountering resistance and falling back, a pullback is definitely needed. If the pullback does not break below 107400, it will continue to oscillate around 109100-107400, waiting to choose a direction again.
The major coin broke out with volume, closing above the hourly level entity closing price of 108815, so go long on the right side. Stop loss on breakout.
If it breaks down with volume at 108550 and cannot recover on the rebound, go short on the right side, with a stop loss on recovery. Pay attention to changes in volume and manage your stop losses well.
At 108077, if a false breakdown occurs and recovers, go long with a light position. If it breaks below the low of the false breakdown or 107686, set a stop loss; if it can't recover, don't go long.
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If the major coin can stabilize above 108947, look upward to 109746-110400; if it can't stabilize, it won't rise.
When shorting the major coin, be aware of the 110400 level for a 2B false breakout; go short one position, and if it breaks and stabilizes at 111583, set a stop loss.
Conservative players wait: long at 107206, stop loss if it breaks below 106372.
The major coin is currently forming a triangular convergence pattern. The attempt to break out of the triangular consolidation area upwards in the early morning was unsuccessful. The major coin can only continue to rise and challenge the previous high if it breaks through the upper boundary of the triangular consolidation area. If it attempts to surge again towards the upper boundary of the triangular consolidation area and still fails, the major coin will need to test the lower boundary of the triangular consolidation area again. If it can't break out and can't drop, it will continue to oscillate within the triangular consolidation area until it reaches the end of the triangle, at which point the direction will naturally emerge.
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Upper resistance: 108947-109746-110400
Lower support: 108574-108077-107224
If the 4-hour level breaks below 108079, look downward to 107422-106356.
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$ETH Thoughts:
The secondary coin broke out with volume at 2608, go long on the right side, and set a stop loss on recovery.
If it breaks below 2600 with volume, go short on the right side, manage your stop loss well.
On a pullback to 2556, confirm support is valid and go long one position; stop loss if it breaks below 2526.
The secondary coin's hourly level broke out and stabilized at 2616, looking upward to 2656-2687.
For the secondary coin, be aware of taking a short position at 2656; stop loss if it breaks 2687.
Left-side order: long at 2525; stop loss if it breaks below 2500.
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Upper resistance: 2616-2656-2687
Lower support: 2584-2558-2525
If the 4-hour level breaks below 2588, look downward to 2555-2523.
The secondary coin on the hourly level shows a bearish bull flag pattern, and the position circled in yellow perfectly explains what a false breakout is, and what is a breakdown and recovery; those who don't understand should look more into it, meeting adjourned.