$ETH 5.22 thoughts.
It's been 4.21 days since the last ETH update, and I've been back home for some personal stuff. Since I couldn't get in pre-market, I basically didn't make any intraday trades. Just dabbled a bit with some altcoins on my phone.
I'm leaning bearish on ETH fundamentals. I decided to hold that long position. During this time, the coin price hit my break-even multiple times but surprisingly held its ground.
The downward momentum seems to be weakening. There might be a reconciliation between the US and Iran. I've already closed my positions.
Without getting into details, if the US and Iran declare a ceasefire, it doesn't guarantee a spike, or a massive surge, but at least sets the stage for some upward movement. The US stock market might warm up next week, potentially lifting things. For us short-term traders, it's wise to take profits when we can. No issues there.
However, this doesn't mean we should rush into bottom fishing. I'm seeing bullish signals.
From the chart perspective, the 1-hour level shows limited bounce potential, more of a consolidation phase.
On the 4-hour chart, we're still in a downtrend, with no divergence to give us a clear bottoming signal.
So overall, the trend is still in a bearish consolidation.
Now let's talk about shorting.
On the 1-hour chart, it's clear that the key level is around 2150. Keep pressing down, and continue to short. The second level is 2180. Stop loss can be set above this level. If it hits the stop, just hold tight on the short for now; if it crosses 2180, we might see a slight upward correction.
For longs, 2110 is a solid entry point.
The current bullish sentiment stems from a slowdown in the downtrend, and a potential US-Iran ceasefire might trigger a rally in the US stocks, as ETF inflows could resume.
If we can't break below 2110, keep an eye on 2128 for intraday trades.
Targets are set directly at 2145, with a second target at 2180. That should be about it.
If the trend is favorable, we might even look towards 2210.
Current price action indicates a temporary key level and trading strategy.
#特朗普媒体BTC浮亏4.55亿
It's been 4.21 days since the last ETH update, and I've been back home for some personal stuff. Since I couldn't get in pre-market, I basically didn't make any intraday trades. Just dabbled a bit with some altcoins on my phone.
I'm leaning bearish on ETH fundamentals. I decided to hold that long position. During this time, the coin price hit my break-even multiple times but surprisingly held its ground.
The downward momentum seems to be weakening. There might be a reconciliation between the US and Iran. I've already closed my positions.
Without getting into details, if the US and Iran declare a ceasefire, it doesn't guarantee a spike, or a massive surge, but at least sets the stage for some upward movement. The US stock market might warm up next week, potentially lifting things. For us short-term traders, it's wise to take profits when we can. No issues there.
However, this doesn't mean we should rush into bottom fishing. I'm seeing bullish signals.
From the chart perspective, the 1-hour level shows limited bounce potential, more of a consolidation phase.
On the 4-hour chart, we're still in a downtrend, with no divergence to give us a clear bottoming signal.
So overall, the trend is still in a bearish consolidation.
Now let's talk about shorting.
On the 1-hour chart, it's clear that the key level is around 2150. Keep pressing down, and continue to short. The second level is 2180. Stop loss can be set above this level. If it hits the stop, just hold tight on the short for now; if it crosses 2180, we might see a slight upward correction.
For longs, 2110 is a solid entry point.
The current bullish sentiment stems from a slowdown in the downtrend, and a potential US-Iran ceasefire might trigger a rally in the US stocks, as ETF inflows could resume.
If we can't break below 2110, keep an eye on 2128 for intraday trades.
Targets are set directly at 2145, with a second target at 2180. That should be about it.
If the trend is favorable, we might even look towards 2210.
Current price action indicates a temporary key level and trading strategy.
#特朗普媒体BTC浮亏4.55亿