🚨8/5 Midday ETH Market Update🚨
🔶Let's start with the trading idea. The resistance above $ETH still exists. The previous article also mentioned the resistance around 3720 and 3615. The price later reached around 3735 and then started to retrace. Currently, it's around 3670, which is approximately the average price of everyone's positions. From the market perspective, there is still a need for further retracement. Short positions can consider reducing their holdings around the support level of 3615 and then continue to speculate around 3570, as well as 3460 and 3370. Friends who are in cash can pay attention to 3695 and 3720 for another short entry.
🔶After two bullish daily candles, today has started to turn bearish. The RSI shows signs of a downward turn, indicating a certain need for retracement. However, it should be noted that the current price of 3670 has just reached the middle Bollinger band support, so it's not advisable to short at the current price. Wait to assess the support situation before making any decisions. Of course, those holding short positions at high levels can continue to hold! The indicators on the four smaller timeframes show overbought conditions and have started to retrace. The KDJ has formed a death cross and is spreading downwards. Currently, around 3670 on the hourly chart, there is BBI support, and a break below it is needed for further decline. The fast and slow lines of MACD have formed a death cross downwards, and the red energy bars are below the zero axis, indicating further retracement is needed. Remember that technical indicators can only serve as auxiliary tools and cannot determine the price's trajectory with 100% accuracy. Therefore, always remember that every action you take is just a speculation, and you need to maintain controllable defense!
⚠️Short positions need to pay attention to timely reduction or taking profits, and be wary of interest rate cut expectations. Any technical analysis is not worth mentioning in the face of news!
⚠️All entry and exit points mentioned above have a ±5 point deviation.
⚠️The above is purely the personal opinion of a speculative trader, please view it rationally, and profits and losses are at your own risk!
#币安HODLer空投PROVE
🔶Let's start with the trading idea. The resistance above $ETH still exists. The previous article also mentioned the resistance around 3720 and 3615. The price later reached around 3735 and then started to retrace. Currently, it's around 3670, which is approximately the average price of everyone's positions. From the market perspective, there is still a need for further retracement. Short positions can consider reducing their holdings around the support level of 3615 and then continue to speculate around 3570, as well as 3460 and 3370. Friends who are in cash can pay attention to 3695 and 3720 for another short entry.
🔶After two bullish daily candles, today has started to turn bearish. The RSI shows signs of a downward turn, indicating a certain need for retracement. However, it should be noted that the current price of 3670 has just reached the middle Bollinger band support, so it's not advisable to short at the current price. Wait to assess the support situation before making any decisions. Of course, those holding short positions at high levels can continue to hold! The indicators on the four smaller timeframes show overbought conditions and have started to retrace. The KDJ has formed a death cross and is spreading downwards. Currently, around 3670 on the hourly chart, there is BBI support, and a break below it is needed for further decline. The fast and slow lines of MACD have formed a death cross downwards, and the red energy bars are below the zero axis, indicating further retracement is needed. Remember that technical indicators can only serve as auxiliary tools and cannot determine the price's trajectory with 100% accuracy. Therefore, always remember that every action you take is just a speculation, and you need to maintain controllable defense!
⚠️Short positions need to pay attention to timely reduction or taking profits, and be wary of interest rate cut expectations. Any technical analysis is not worth mentioning in the face of news!
⚠️All entry and exit points mentioned above have a ±5 point deviation.
⚠️The above is purely the personal opinion of a speculative trader, please view it rationally, and profits and losses are at your own risk!
#币安HODLer空投PROVE
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ETH
3,616.18
-2.74%