🔴｜Don't think that just because the bull market keeps rising, you can mindlessly go long and chase the price
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Recently, Ethereum has strengthened, finally breaking free from its weakness. In the context of the market index consolidating, it has completed its independent rally.
The best entry point for long positions in the past two days was at the left side support resonance of 2930 on July 15th at noon. After that, besides a breakthrough right-side order at 2980, there haven't been many good entry points for long positions.
🔻 First, why is it that in historical bull markets, even when prices are rising consistently, so many people still get liquidated and lose money?
Let's review the price action of ETH after it broke above 3000 in previous bull markets. Each time it broke through the historical mid-axis resistance line at 2880, ETH would show a rapid breakout and rise. The current situation is no exception, but during this upward movement, there have also been many spikes that cleared out the chasing longs.
For instance, on November 12, 2024, it was also a continuous rise without any pullbacks. However, after a brief breakthrough at 3400, it quickly dropped 400 points to around 3030, and then continued to rise to 4000.
On February 28, 2024, it rose continuously to 3498 and then quickly dipped to 3152, a drop of 346 points.
On March 5, 2024, it also pushed up to 3830 and then dipped to 3205, a drop of 625 points.
And now it's back around 3450. Will you choose to chase the high? Or will you wait for a pullback before entering?