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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Dare to trade. Dare to win.
Many people do not understand why it is said that one should go long before shorting during the day.
So let's analyze the entire K-line trend and the hints provided by the market in detail.
First, among the 4 candlestick patterns, the first one, although it closes as a doji with two wicks, is still uncertain; the second candlestick shows a very clear bullish engulfing pattern, indicating a stop of the decline; the third candlestick continues to test support and shows a clear bottom reversal with a close; the fourth candlestick opens and continues to test support, and then quickly rebounds at the MA50 position, forming a perfect bullish engulfing candlestick.
Second, the MACD downward momentum is gradually weakening, and the fast line being parallel above the 0-axis is also a signal to stop falling, then the corresponding third and fourth K lines show a reversal.
Third, the three moving averages show a clear adhesion action at the second and third candlesticks, and there is a sign of them turning upwards after becoming parallel at the fourth candlestick.
Expectation: As long as the MACD confirms a golden cross above the 0 axis, there will be a good rebound. It will continue to oscillate before the confirmation. As long as there isn't a strong bearish candle, this wave of market movement will continue.
Therefore, the behavior of directly opening a short position must be eliminated. Even if a short position needs to be opened, it is necessary to first test the resistance upward. Only after encountering resistance and confirming a bearish engulfing pattern indicating a stagnation in the rise is it an opportunity to open a short position.
#BTC