Coin Talk: Ethereum reached the target profit-taking at midnight and then retraced, maintaining the range and waiting for bottom support during the day!
It is now 8:01 on August 5, 2023, Beijing time. Due to the timeliness of the article's review, real-time layout in the live trading group is the main recommendation, and it is suggested for reference only!
The midnight market of Ethereum also saw a direct surge, reaching a high of 1851 and then retracing again. The overall situation still maintains the range. As mentioned in yesterday's market layout in the Coin Talk group, the support below is maintained in the range of 1820-1830. Short-term traders can consider taking a round of short-term long positions, while the upper pressure target is between 1850-1870. If the upper pressure level cannot be broken through, the subsequent market will still maintain the range. As expected, after taking profit from long positions, there was a retracement, and although the short-term retracement reached 1815, the closing price was still above 1820, maintaining the overall range. It is important to grasp the overall range, as the current market has been oscillating for a relatively long time. However, the overall market volatility is still within the expected range. Pay attention to the overall market trend, as the real-time trends have been discussed in the group.
For the intraday market trend, the daily line once again closed lower in the morning, indicating a clear time-space exchange in the market. The current daily line has entered the low range. For the subsequent market, the support of MA200 below is still moving upward. It is advisable to continue waiting for the upward movement of the daily line support before proceeding with the subsequent market. As for the short-term trend, the four-hour market experienced a retracement after midnight, and the market clearly found support around 1820-1830. The indicator chart is currently in a low-level consolidation state. Therefore, for the subsequent daily market, it is still possible to maintain the rebound strength by looking at the support below. The short-term trend still maintains the upper pressure level around 1850. If the pressure can be broken through, then further upward movement can be expected. It is important to set your stop-loss level to prevent potential losses and maintain the range, waiting for a breakthrough. Additionally, as today is Saturday, pay attention to the closing status over the weekend and prepare for next week's market, preventing deep retracements!
Therefore, for intraday operations, it is still possible to enter long positions around the support of 1830-1820. Subsequently, the target pressure can be broken through to around 1850. It is still important to maintain the range. After reaching the upper pressure target, reduce positions, set stop-loss levels, and wait for a breakthrough. The further upward pressure target is around 1940-1950. Gradually wait for the market range to open up, as it is currently in a consolidation phase. If the support below cannot be held, the defensive support is around 1770-1750. When the short-term retracement reaches this level, it is an opportunity to enter long positions. After the market stabilizes, look at the subsequent long-term trend. Execute operations in batches, reduce positions, and wait for the market to gradually move in the long term. As today is Saturday, market retracements are more likely to occur over the weekend. Implement risk control measures, prevent deep retracements, and wait for the market to stabilize before proceeding with the subsequent market!
The recent market operations have been consistently within the range, so in terms of operations, it has always been emphasized to set stop-loss levels when the market reaches a profitable space, and then continue with long-term positions. Because market operations involve not only grasping positions and directions, but also controlling risk positions. Only by controlling the necessary risk control measures can there be opportunities to grasp positions when the market range opens up. When the market unexpectedly reverses, having set stop-loss levels allows for a safe exit, avoiding being trapped in the market. This is why risk control in market operations is crucial. Always be prepared with risk control measures so that in the continuous fluctuation of the subsequent market, opportunities can be better seized!
The article was updated at 8:01 on August 5, 2023, Beijing time. Due to the timeliness of the article's review, real-time layout in the live trading group is the main recommendation, and it is suggested for reference only!
Public Account: Daily Classroom of the Coin Circle
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