$ETH Evening Thoughts:
The second pancake is really strong! I haven't finished writing my post and it skyrocketed. Why did the second pancake suddenly become strong? Everyone, switch to the exchange rate of the second pancake to take a look, because the exchange rate has risen, that's why the second pancake surged.
Let's talk with the chart: on the hourly level, the bearish flag pattern of the second pancake has been broken, and it was a volume breakout of the bearish flag pattern. As long as the second pancake does not fall back inside the flag pattern, the bearish flag pattern will be invalidated. We cannot just look bearish because the second pancake has already made a higher high; if it pulls back without making a lower low, we should avoid shorting and focus on going long on the pullbacks. The trend has changed, and we should go with the flow, not against it.
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For the second pancake, aggressive traders should chase long on the right side after breaking 3776 with volume, while conservative traders should wait for a pullback to the upper boundary of the bearish flag pattern for a safer entry. If it breaks below 3724 with volume, watch for changes in volume and manage your stop loss.
On the hourly level, if it breaks and stands above 3815, look up to 3857-3904. If it stands above 3815, 3900 will come.
On the 4-hour level, if it breaks below 3721, look down to 3678-3628. As long as it does not break below 3721, the bulls will continue to be strong.
Continuing with the chart: if the second pancake can break and stand above the Fibonacci 61.8 level on the hourly level, we look up to the 1:1 position at 3922. If it cannot stand above the 61.8 level, the second pancake will have to pull back to the 50 and 38.2 positions. If there is good news tonight, it could directly hit the 1.618 position at 4158, that would be amazing. Meeting adjourned.