Ten years to sharpen a sword, there are reasons for the rise and fall; Bulls and bears do not love war, it is safe to put it in the bag.
Hello everyone, I am Tommy, a crypto economist, a trader rooted in the currency circle, and have been studying Ethereum (ETH) for 6 years. First, let me talk about the three things I don't do in my trading: don't trade when tired, sleepy, or exhausted; don't trade when in a bad mood; don't trade when unable to understand the market trends. (In a bad state, it is impossible to perform at a normal level, so judgment of the market will be greatly mistaken.)
Follow the public account: K-line Life Tommy: Opportunities are created in different time periods every day, so there is no need to rush. The original intention has never changed. While creating profits, I focus on mastering risk control professionally, making investments valuable, walking for the long term, and not letting down the encounters and trust in the past. I am available 24 hours a day for real-time guidance. If you have any questions, you can leave a message. All strategies are open and free.
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Review: The short position at 1640 provided yesterday morning, with a precise profit-taking target of 1610, was also a precise profit-taking exit. On September 5th, when the price was at 1609, a bearish doji appeared on the K-line, and a rebound began on the 1-hour chart. As mentioned in the previous article, after a rebound, the price continued to fall, and subsequently formed a complete upward five-wave pattern. The price fell back to 1648, and the short position was still held. Even though the price rebounded to 1648 under the wave pattern, it was still a high fall back within the previous consolidation range. Therefore, it can be seen that without any stimulating news, the price in the Asian and European sessions today will still fluctuate around 1620.
Current market: From the perspective of wave theory, ETH is still in the form of a fourth wave rebound in the short term. The K-line has consecutively closed with two bearish candles and has not exceeded the high point of 1640 after the first wave decline. Currently, it is the last wave of decline within the five waves. Although holding the short position for a long time, as long as the trend direction is correct, exchanging time for space is also feasible. There has not been a substantial directional volume in the short term. Without the bottoming out of the previous bullish initial bottom at 1650, and without a substantial volume decline below the support of 1600-1580, the strategy still follows the idea of observing the conversion of tops and bottoms to choose the next operation plan.
On the daily chart, there has been no breakthrough of the previous platform level of 1680-1700, and volume support is needed. If these two conditions are not met, the short-term trend is still expected to see a second round of bottoming out.
Short ETH positions can be entered near the 1670-1680 resistance, with a stop loss at 161710, and a profit target at 1620-1590.
Bitcoin's support at 25800 mentioned yesterday has been broken, and the next support level to watch is near 25000. The medium-term bearish trend is still strong, breaking through the previous platform level.
BCH: Short-term profit-taking and observation, pay attention to MKR in the altcoin market.
On the daily chart, it quickly fell back after entering the bullish area, and will still face a second round of bottoming out.
The new investment plan for September is still ongoing. For real-time guidance, please follow the public account at the end of the article.
Only ETH's returns are publicly disclosed and can be checked online. Real-time guidance is the main source of actual trading data. For details, follow the public account to learn more.
Mainly targeting spot, futures, BTC/ETH/ETC
Expertise: K-line trading
Original volume trading tactics.
Short-term swing high and low, medium and long-term trend trading, extreme retracement on the daily chart, top prediction on the weekly chart, head prediction on the monthly chart
Public account QR code
Friendly reminder: The only WeChat public account at the end of the article is created by the author himself!
Please be cautious in distinguishing between true and false. Thank you for reading!
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