In the afternoon, I advised the brothers to buy around 4160 for ETH, with an automatic take profit at 4130, yielding 70 points. This week has been ETH's solo performance; we have basically not traded the major coin. Below, I will analyze how to trade ETH going forward.
Regarding BTC, it continues the rebound momentum from yesterday. From a technical perspective, the daily chart is still above the short-term moving averages, indicating that the bullish structure has not been broken. However, there is significant selling pressure around 119000-119800 on the hourly level, and the volume did not expand during the rise. In this range, we can make a short position.
Pay attention to the support levels at 116700 and 115200; if it breaks below, we will see a deeper adjustment.
Summary: The major coin has entered a high-level fluctuation in the short term, and needs to break through 119800 with volume to move upward; otherwise, a retracement before stabilizing cannot be ruled out.
Regarding ETH, the trend is significantly stronger than BTC, with a large influx of funds! The daily and 4-hour moving averages are in a bullish arrangement. After breaking the 4130 resistance earlier, it continued to rise, reaching a high of 4332, and then retreated slightly.
Currently trading around 4210, the 4-hour MA7 and MA25 are still trending upwards, but the hourly level has entered a short-term adjustment state. The upper range of 4300-4330 remains a strong resistance level. If it cannot break through with volume, it may further retrace to the 4120-4050 area to look for support. So the reference points for long and short positions have been given to everyone, but please note that these points are only for reference, actual trading should be adjusted accordingly!
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