$ETH Evening Thoughts:
The second currency keeps rising without looking back, will it rise directly to 4000 or break new highs? I definitely won't chase the second currency at the current position; whoever wants to chase can do so, but I won't chase high.
I will either wait for a pullback or miss out; missing out is always better than being stuck or getting stopped out. I don't know how many of my classmates chased the long position at 3400-3500, but if you did, I advise you to reduce your position, set a cost protection, and then aim for higher positions. Don't get caught off guard with a $200 pullback that you can't accept.
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Let's talk with the chart: The daily level of the second currency has closed with 6 consecutive bullish candles, and the weekly level has closed with bullish candles for 3 consecutive weeks. This week is not over yet; I don't know what this week will close at. Currently, the Federal Reserve has not released a lot of liquidity, yet the second currency is rising. If the Federal Reserve does release liquidity, how high will the second currency rise?
In my view, this wave of the second currency’s rise is just compensating for the surge when the first currency broke above 110,000 because if there is no compensation, no one will trade the second currency. This is my personal opinion; I don't believe that the second currency will directly break the previous high without the Federal Reserve releasing liquidity.
For the second currency, if it breaks above 3626 with volume, look for long positions on the right side; if it drops below 3602 with volume, look for short positions on the right side. Pay attention to the changes in volume and set stop losses properly.
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At the hourly level, if the second currency breaks and stabilizes above 3635, look upwards to 3678-3713.
At the 4-hour level, if it drops below 3577, look down to 3527-3456. If it drops below 3577 and cannot recover in time, the second currency will need to pull back.
Continuing with the chart: As long as the second currency does not drop below the price channel drawn in the chart, and does not fall back into the range, it will keep moving back and forth around the boundaries of this price channel. If it falls back into the range, you need to pay attention; the second currency may pull back, and you should reduce your long positions. Meeting adjourned.