August 7, $ETH Four-hour Chart Analysis and Trading Strategy!
Strong Resistance Zone 3690 - 3716, which is the previous high trapping zone and Fibonacci resistance level. The price retraced after touching 3716.38, forming a 'Dark Cloud Cover'. Here, the liquidation limit is 120 million, and a breakout requires over 800,000 in trading volume. The critical line is 3650, which is the daily low and MA7 support. If it breaks below, it will trigger algorithmic selling, targeting MA30 at 3566.69.
The MACD histogram value of 20.08 indicates bullishness, but the distance between DIF and DEA is >10, with a retracement probability exceeding 75%, and there is a divergence in volume. The RSI three-line is in the weak zone of 50 - 60, making the rebound unstable.
MA7 is above MA30, but the price has broken below MA7, which may indicate a 'false golden cross'. The distance between MA7 and MA30 is large, but the price is diverging, suspected to be a trap for the main force.
In terms of operation, the focus should still be on buying low. If it breaks below 3580, one can go short as a counter!
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