⚾July 19th Afternoon Market Opinion.⚾
$ETH Thoughts:
The second contract breaks above 3545 with volume to chase long, stop loss if it pulls back.
3512 breaks down with volume to chase short, set a good stop loss.
If it pulls back to 3458, confirm support is valid and add one more long position, stop loss if it breaks 3426.
The second contract stabilizes at the hourly level above 3578 looking up towards 3609-3640.
Pay attention to the second contract above 3640 to take one short position, stop loss if it breaks 3677.
Left side order: 3367 long, stop loss if it breaks 3330.
⚾
Upper resistance 3578-3609-3640
Lower support 3508-3478-3437
At the 4-hour level, if 3477 breaks down, look down towards 3423-3367.
Looking at the 4-hour level, if the position indicated by the arrow cannot break through, the second contract will not be able to continue rising, thus becoming resistance. Moreover, the 4-hour level has consecutively closed 4 doji candles, indicating that buying at this upper position has started to sell off, suppressing the price from rising.
If the second contract breaks below the neckline marked by the white arrow in the chart, the pullback of the second contract may just be beginning. I don't know if those who chased long above 3600 are doing well; if you are stuck and it's hard to bear, then it's better to cut losses quickly rather than suffer long-term, just let it go.
If you are holding shorts below 3000, you ask me how to resolve it? Don't ask what method can help you break even; I tell you it can't be resolved. Unless you have a lot of spare funds, opening a hedge is even more foolish, suffering losses on one side is not enough, you have to double the trouble and lose on both sides, let's wrap it up.
