Old Ray's K-line analysis today 🧐

We are currently in a heated phase of the long-short game.

Intraday volatility: On December 10, ETH reached a high of $3400 but failed to hold, retreating to hover around $3300.

Since ETH stabilized at $3250, it has formed an upward channel, and in the short term, the bulls are relatively strong.

However, ETH's upward momentum has not broken through the previous high and has not surpassed the resistance level of $3400. Additionally, with the proportion of long positions in the contract market being too high, a sharp price drop can easily trigger panic selling, causing a chain reaction.

Therefore, long positions can wait for suitable entry points, as referenced in the previous post. Long positions also need to set proper stop-losses before entering; fastening the seatbelt will prevent flipping over.