#ETH price started to decline after failing to break 4444, having hit two invalid signals on LTF, and long positions are now at a loss.
However, I still remain bullish, and the long orders are valid for three reasons:
1. 4300 is the POC for August and is not that easy to break.
2. Bullish liquidity has been exhausted, with a total of 31.5M long positions liquidated in a single trading day yesterday; typically, this leads to a reverse liquidation of shorts under such circumstances.
3. From the highest point of 4957 to the lowest point of 4310, there has been a cumulative decline of 647 points; usually, in such cases, there will be a relative rebound of about 50% to 70%, approximately 300-400 points.
However, I still remain bullish, and the long orders are valid for three reasons:
1. 4300 is the POC for August and is not that easy to break.
2. Bullish liquidity has been exhausted, with a total of 31.5M long positions liquidated in a single trading day yesterday; typically, this leads to a reverse liquidation of shorts under such circumstances.
3. From the highest point of 4957 to the lowest point of 4310, there has been a cumulative decline of 647 points; usually, in such cases, there will be a relative rebound of about 50% to 70%, approximately 300-400 points.
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ETH
4,354.58
-2.78%