Weekly Ethereum Three Peaks at the Top | Pay attention to the support of the downtrend line | Be cautious about shorting

11.27 Changlu video analysis click to watch

On the 4-hour chart, the market rebounded to around 2135 on Friday, forming a 5-wave rebound model. Without breaking the previous high, it retraced to a low point near 2035 early this morning. As can be seen from the chart, the market failed to break through the upward trend line during yesterday's rebound and then declined, forming an ABC three-wave downtrend model. If the price fails to rebound and break through the resistance near 2080, there will be a chance of further retracement. If it falls below 2047, there may be a fifth wave of decline, and attention can be paid to the support near the Fibonacci retracement line at 0.5, around 2020, for potential long positions. Today, Changlu recommends entering short positions on the rebound first, and entering short positions again if the support below is not broken.

Trading Advice: For more strategies, follow Changlu's Weibo @Changlu Finance

Reminder: The strategy is for reference only. Set up stop-loss and take-profit orders, and consider taking profits in batches and using trailing stops to protect profits while avoiding excessive profit loss.

The cryptocurrency market is always in full swing. It is everyone's common wish to seize the opportunity and get a share. Please believe that "the only thing between you and financial freedom is a long road." With the guidance of Changlu, you will definitely achieve your cryptocurrency wealth dream faster and more steadily.

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