$ETH Market Alert: Ethereum Long Position Layout (Opening Analysis Below)
Go long around 1440
Stop loss at 1368 (5%)
Position: 20x leverage, 10 positions, maximum loss 10%
Opening Analysis: There are three reasons. Actually, we haven't been bottom-fishing all along, and we took profit on yesterday's short position. The first reason for bottom-fishing this time is that the current bearish sentiment is quite strong, and most long positions have been cleared. A recent negative news led to a market decline, which I interpret from the candlestick chart as a trap for shorts. The second reason is from the news perspective, there is a high probability of stimulating news to support the Nasdaq from dropping further. The third reason, from the position analysis, is that this position is still not optimal. Even if the stop loss is triggered, it would only be a partial withdrawal of yesterday's profit from our short on Ethereum. We simply take the direction with the least resistance.
Go long around 1440
Stop loss at 1368 (5%)
Position: 20x leverage, 10 positions, maximum loss 10%
Opening Analysis: There are three reasons. Actually, we haven't been bottom-fishing all along, and we took profit on yesterday's short position. The first reason for bottom-fishing this time is that the current bearish sentiment is quite strong, and most long positions have been cleared. A recent negative news led to a market decline, which I interpret from the candlestick chart as a trap for shorts. The second reason is from the news perspective, there is a high probability of stimulating news to support the Nasdaq from dropping further. The third reason, from the position analysis, is that this position is still not optimal. Even if the stop loss is triggered, it would only be a partial withdrawal of yesterday's profit from our short on Ethereum. We simply take the direction with the least resistance.
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