Coin Talk: Ethereum's short-term trend support remains unbroken, waiting for bottom building!
It is now 17:08 on August 1, 2023 Beijing time. Due to the timeliness of the article's review, real-time layout in the live group is the main recommendation, and it is suggested for reference only!
Ethereum's intraday movement has also retreated from the upper resistance level. The market has been volatile in recent days. When positioning the market, Coin Talk has mentioned that the resistance around 1880-1890 is still quite evident. To continue with the breakthrough, a round of retracement is necessary after the insertion of the needle to open up the subsequent market. The market has also retraced without breaking much, with the lowest needle insertion reaching 1808. Overall, it is still within the current volatile range. Therefore, the current market is in a short-term rebound, a trend of filling the gap. After waiting for the bottom to be built, the subsequent rise can proceed!
Currently, the four-hour trend shows that there is a certain gap between the candlestick and the MA5 moving average. Therefore, the current short-term rebound in the market is a normal gap filling. The four-hour trend is also characterized by a reduced volume at the lower level. Therefore, for the subsequent market, the short-term rebound can be observed to see if the upper resistance is broken. If the pressure can be broken, then further upward movement can be expected. The evening market's upper resistance is between 1860-1880. If the pressure here cannot be broken, the market will continue to retrace and absorb volume. After absorbing volume, the subsequent rebound can proceed. Currently, it is still maintaining the current range, waiting for the range to open gradually!
Therefore, for the evening operation, the upper resistance for the rebound is between 1860-1880. If the pressure at the upper level cannot be broken, the market will once again retrace. The support below is at 1810-1800. After retracing, it is possible to go long on the rebound. If the upper resistance between 1860-1880 is broken, then further upward movement can be expected. The next level of resistance is between 1940-1950. Waiting for the range to open, and if the support below cannot hold, the defensive support is at 1760-1750. After the short-term retracement reaches this level, it is possible to bottom fish. Subsequently, waiting for the bottom to be built, absorbing support, and then proceeding with the subsequent rise!
The overall retracement of the intraday market is not very significant. However, the current range has not been broken. Therefore, for the subsequent market, it is still maintaining the current market range and waiting for the bottom to be built. Because the current market is still mostly consolidating within the range, the current market operation is a reminder for everyone to grasp the short-term market while setting their stop-loss positions, and then wait for the subsequent market range to open, rather than blindly operating in the short-term market. Maintain overall key pressure and support for market operations, control positions, and gradually wait for the range to open!
The article was last updated at 17:08 on August 1, 2023 Beijing time. Due to the timeliness of the article's review, the real-time layout in the live group is the main recommendation, and it is suggested for reference only!
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