The pancake here has hit a new low, breaking through 114, corresponding to around 3500 for Ethereum, and it can go up from there, with a much higher risk-reward ratio. If the daily line effectively breaks below 113, then exit the position.
Brothers, the trading account has exited half of its positions, mainly selling Pepe, which had the most exposure and the least drawdown. The reason for exiting is that Bitcoin and Ethereum both need to pull back a bit before moving up, so we can only long the coins. Ethereum and Bitcoin have very good entry points, but they have diverged from the altcoins, which are extremely weak. This is the challenging aspect of the past few months.
Ethereum is expected to pull back near 3500, while Bitcoin is still looking at around 115000. At this position, we will consider buying back.
Currently, this entire small wave has seen an overall drawdown of about 5%-6%, it's tough to trade. Have the altcoins and the dog investors all gone to enjoy themselves!?
$ETH
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