$ETH Evening Thoughts:
The second pancake is already on the edge of madness; all this talk about overbought divergences and such is useless, nothing works, I just keep rising.
Borrowing a line from a movie: If I become a demon, what can Buddha do to me? If I become Buddha, the world has no demons. If heaven wants you dead, it must first make you mad.
I see the second pancake is coming soon, it’s not a good sign.
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Speaking with images: The second pancake on the hourly chart is forming a rounded bottom with a cup and handle pattern. As long as the second pancake does not break below the cup handle pattern, the bullish momentum remains strong; this medicine is really potent and hasn’t worn off yet.
If the cup handle pattern is broken, either take profit on your long positions or reduce your holdings; don’t lose a fish for the sake of a soup.
The second pancake should break through 3808 on the right side to chase longs for the aggressive ones; breaking below 3754 on the right side to chase shorts. Pay attention to changes in volume and set proper stop losses.
The second pancake needs to break and hold above 3812 to look upwards towards 3852-3880. As long as it can hold above 3812, 3852 and 3880 will come.
On the 4-hour chart, breaking below 3754 looks down towards 3700-3630.
Continuing to look at the chart: The second pancake on the hourly level needs to form an M-top; it must first break below the yellow trend line in the image, and then the M-top can be established by breaking below 3700. The way I see it, the second pancake still wants to push upwards, so pay attention to the movement during the opening of the US stock market tonight.
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Lastly, let me say: I write strategies purely by hand; I’m writing while watching the market without any AI tools. Also, I have a habit of making sure what I write is easy for everyone to understand, so don’t rush, remember that good food is worth the wait, dumplings are delicious, and your package is on the way! Meeting adjourned.
