Oh wow! It's time to choose a side now
Standing on the wrong side could ruin the whole season!
I just analyzed the chart again and saw this
The market is entering a highly sensitive phase as ETH and BTC both show signs of weakness after the recent uptrend.
On the H4 timeframe, the wave structure of ETH is forming a retracement with expectations to complete waves iii – iv – v, but clearly the buying power is not as strong as before.
The fact that ETH reached an ATH due to last night's media coverage and meme-style pump makes short-term capital easy to withdraw quickly, signaling higher risks for those heavily Long.
BTC currently is no exception. After failing to break the previous peak on H4, the D1 trend is beginning to tilt towards downtrend. This means that no matter how strong ETH is, it is hard to avoid being dragged down together.
If the retracement only stops at technical levels, switching from Long to Short may be a more reasonable strategy in the short term right now.
This is the time when both sides are in a tug of war: if BTC cannot hold the current strong support area, an unexpected drop will be an opportunity for the short side to dominate. This is a time to be patient, only act when confirmation signals are present.
Finally: stay calm, you guys should hold onto your money before making money