Trend, Position Control, and Selection - The Three Steps to Success!!!

Ethereum followed Bitcoin's footsteps yesterday, once again reaching a new high. Unfortunately, it is still a distance away from the historical high of 4800. Yesterday morning, it quickly dropped to around 3720, rebounding from the low, leaving a long lower shadow. The bullish trend continued during the day and evening, with the high point this morning reaching 4096 before falling back under pressure for a retracement and consolidation.

In our article yesterday, we also suggested buying on retracements. Every time the market quickly drops, it presents an opportunity for us to enter long positions. The 40,000 mark above will definitely be tested again. After all, compared to Bitcoin, the price of Ethereum is not very high, and there is still a lot of room for growth. Yesterday's quick drop also signaled a long position, and we entered long, reaping full profits.

Tomorrow, Ethereum will undergo the London upgrade. As the critical time for the upgrade approaches and it has just stabilized above 4000, we need to pay attention to whether there will be another round of profit-taking. However, with Bitcoin leading the way, the bullish trend has not changed for the time being. It's nothing more than a quick drop for profit-taking, a slight retracement, and still an opportunity to enter long positions.

On the smaller time frame, the bottoms of 3205 and 3720 have formed an upward support line. The current support level is around 3930. After testing the Fibonacci resistance line, the overall trend during the day is consolidating around the 0.12 Fibonacci level. Pay attention to the support near 3990 at the bottom of the 0.12 line. The five-day moving average shows signs of turning downward, and there is a possibility of it sticking with the ten-day moving average or forming a small death cross. From a technical perspective, there may be a retracement in the day's market, and there is a high probability of testing the first support at 3390. What we need to pay attention to is whether the important support at 3930 can act as strong support and counterattack. Therefore, for now, let's first look for a retracement in the market, and consider entering long positions only if the support below is not broken.

Trading Suggestions: Look for a retracement during the day. Short positions can be taken near the morning high point, with a focus on long positions on retracements. The first support is at 3990, and if it breaks, it will definitely test the strong support at 3930 below, which is an ideal entry price for long positions. As the price continues to rise, what needs to be guarded against is the market makers' quick drop for profit-taking.

Due to the impact of the review time, for subsequent intraday adjustments, offline real-time strategies are the main focus. The suggestions are for reference only. Follow my trades, make profits, and you can too!!! Rain or shine, I'll be waiting for you, like the sleeping dragon.

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