$ETH Evening Thoughts:
Looking at the chart: There isn't much to say about the second pancake, if it retraces to 2673 and shows a false breakout, I will take a long position; left side trading should be light.
You must wait for the false breakout to recover before entering long,
don't go long if it directly drops and doesn't recover.
For take profit, first look at 2725,
then at the upper boundary of the triangle around 2762, stop loss if it breaks the previous low.
For short positions on the left side, take a light short at the lower boundary of the box at 2751, stop loss at the breakout of 2786, take profit at 2673.
Both long and short positions should be light on the left side with a good stop loss,
just take a bite and run, don't get caught in a pattern.
🎈
For the second pancake, on the hourly level, stabilize at 2743 looking upwards to 2772-2807; since the second pancake broke below 3000, it has clearly weakened.
On the 4-hour level, break below 2707 looking down to 2661-2638; if it breaks below 2707 and doesn't recover, it will cool off again, meeting adjourned.
