I am Qi He, your eyes in the cryptocurrency world. Exchange real money for experience, only speak the truth, and don’t talk about metaphysics.
Let's start with a splash of cold water: Brothers, I just saw a piece of breaking news that scared me awake. An address associated with the ENA team secretly funneled 1,820,000 ENA into Binance through an intermediary wallet this morning, worth nearly 400,000 USD! This news is like when you are eating hot pot and singing, and suddenly hear that the chef is about to shut down and run away; how can you not feel a pang in your heart?
But oddly, the 4-hour K-line is quite strong, showing a momentum to surge upwards. Isn't this contradictory? Don’t worry, let this old trader break it down for you.
News interpretation: This is not good news, it’s clear pressure!
The team's money is theoretically meant for long-term project development. Now suddenly turning to the exchange only has two possibilities: 1. Preparing to cash out; 2. Market makers providing liquidity. However, either way, it means increased selling pressure in the short term, equivalent to a small knife hanging over your head. Remember, in the cryptocurrency world, any news about the 'team transferring to the exchange' should first make you alert, not excited.
Technical breakdown: The upward trend is real, but it is already a 'tired bull'.
Let's look at the second picture:
Trend: The 4-hour line is indeed still in an upward channel, with the lows rising.
Key position: The upper iron top pressure is at 0.219, and it has been smashed down multiple times after several attempts to break through. There is a critical line at 0.2094, and the current price is around 0.208, struggling right on this line. The bottom line support is 0.2, which cannot be broken; if it breaks, the trend may be ruined.
Indicator hides risks: The KDJ J line has reached 67.3, and it has already entered the 'overbought zone' in the short term, indicating that the rise has been a bit too fast and needs to take a breather. RSI is at 56, still healthy, but there isn’t much room for further rise.
What should players do? Remember these three life-saving rules!
Brothers holding positions: If the cost is low and profits are thick, it is recommended to gradually reduce positions in the 0.214-0.216 area, first pocketing the profits. If the cost is near the current price, set the stop-loss just below 0.206; if it breaks, step back and watch the show—don’t hesitate.
Brothers who want to follow the empty warehouse: Control your hands! Now is absolutely not the time to chase highs. If your hands are really itchy, wait for two positions: either wait for it to break through and stabilize at 0.219 with increased volume, and follow in with a light position when it pulls back; or wait for it to drop to the 0.202-0.205 support area, and after stabilizing, use a small position to bet on a rebound.
Qi He's personal opinion: This is how it will go tonight!
My conclusion is very clear: Under the shadow of the team's selling pressure, it is extremely difficult for the market to violently break through 0.219 all at once! A greater possibility is that the main force takes advantage of this decent trend to 'sell on strength'.
Tonight's trend script prediction:
First scenario: Surge and then fall back, inducing a large number of buy-ins. First, it pretends to pull up, surging to around 0.215, making everyone think 'it's about to break through 0.219!', attracting those who chase highs to enter. Then, taking advantage of the psychological pressure from the news, it reverses and hits the market, causing the price to fall back to test the key level of 0.2094, even piercing down to around 0.205 to find support.
Second scenario: Violent washing, deep V rebound. If the main force is ruthless enough, it may first smash down violently, directly testing the support at 0.2, creating panic and scaring out all the weak hands, and then quickly pulling back up.
I am Qi He from the cryptocurrency circle. Follow me for tips on how to catch this wave of market trends and make a profit! If you don't know how to time your entry, Qi He will provide real-time analysis in the group, giving the current best entry point.