(Part Two) $ETH take a look:
There are quite a few feints on the board. If your hands are too quick, you’ll get hit—don’t get excited and chase.
Yesterday I tried a strong push first. After 2701 touched, it didn’t hold; then I stabbed at 2745 and it fell back below 2701. A modified “evening star” formed at the high level, and the pattern doesn’t look quite right.
Now it comes down to whether the rising trendline holds: if it does, there may still be a chance to go back and test 2701; if it doesn’t, then first focus on 2639. If 2639 breaks again, 2566 is waiting below.
Going long: only go after a breakout at 2679 with volume on the right side; if it gets pulled back, cut. If it retraces to 2633 and you can confirm it’s supported, you can add once more; if it breaks below 2584, stop out.
Going short: if 2668 breaks with volume, then look to short on the right side; keep your stop loss tight. If it gives you 2745, you can short a bit first; break above 2786 and stop out.
On the hourly chart, as long as it holds above 2679, then aim upward at 2701 to 2745. On the 4-hour chart, if it breaks below 2667, then watch for 2638 down to 2611.
More left-side opportunities: for something like 2555 with a spike, consider going long; stop out if it breaks below 2510.
Overhead resistance zones: 2679, 2701, 2745
Support zones below: 2668, 2633, 2611
There are quite a few feints on the board. If your hands are too quick, you’ll get hit—don’t get excited and chase.
Yesterday I tried a strong push first. After 2701 touched, it didn’t hold; then I stabbed at 2745 and it fell back below 2701. A modified “evening star” formed at the high level, and the pattern doesn’t look quite right.
Now it comes down to whether the rising trendline holds: if it does, there may still be a chance to go back and test 2701; if it doesn’t, then first focus on 2639. If 2639 breaks again, 2566 is waiting below.
Going long: only go after a breakout at 2679 with volume on the right side; if it gets pulled back, cut. If it retraces to 2633 and you can confirm it’s supported, you can add once more; if it breaks below 2584, stop out.
Going short: if 2668 breaks with volume, then look to short on the right side; keep your stop loss tight. If it gives you 2745, you can short a bit first; break above 2786 and stop out.
On the hourly chart, as long as it holds above 2679, then aim upward at 2701 to 2745. On the 4-hour chart, if it breaks below 2667, then watch for 2638 down to 2611.
More left-side opportunities: for something like 2555 with a spike, consider going long; stop out if it breaks below 2510.
Overhead resistance zones: 2679, 2701, 2745
Support zones below: 2668, 2633, 2611