#ETH Market trend replay

ETH is in a downtrend on the weekly timeframe, so the daily timeframe [medium-term trend] should also be in a downtrend. Therefore, the main direction should be downwards, and the current trend strength is still increasing. The deviation has been corrected to a large extent, opening up some upward potential.
There is no clear direction in the mid-term, as the price has not fallen below the mid-term support near 2970 after confirming the top. The market is currently lacking in momentum and trading volume is very low. According to the original trend, a new low should have been reached today, but it did not happen. Instead, a bottom is being formed. If the price closes above 3036 today (personal setting is 8 AM opening), the bottom will be confirmed.
In a 12-hour cycle, the MACD is about to turn, and the price is starting to build a bottom. Moreover, even if the price stays still, in about 3 days, the MA60 moving average will start to move towards the 3 o'clock direction, which is a prerequisite for entering the congested trading area.
The 6-hour cycle has entered an upward trend, but the strength of the trend is weak. There is no trading volume in the market, and the price is currently sideways. The nearest resistance is around 3080.
The rebound trend on the 4-hour period is weakening. If the price does not surpass the resistance near 3080 during the subsequent rebound, it will maintain the previous downward trend.
In the short-term trend of the 2-hour cycle, although the downward deviation is not significant, it has been completely repaired through a rebound trend. The short-term rebound trend did not break through the recent short-term resistance near 3030. A short-term double top structure has formed. Moreover, the strength of the upward trend is weakening, there is no volume in the market, and the price is not rising.
1-hour cycle started to enter a short-term falling trend, but the price is not falling. This is due to the asynchronous trend and lack of trading.
BTC has been in a sideways downtrend in its long-term trend, and the price has not fallen below the significant support and resistance levels near 63,000. Although the downward momentum is increasing at this time, the continued sideways movement will weaken the momentum. When it weakens to a certain extent, the price will start to bottom out and rise. However, after reaching a new high, it will likely cause a significant decline. If such a trend occurs, it may start next month. This is a subjective speculation.
The midterm trend is confirming the bottom formation, and the strength of the trend is starting to increase. There is no volume in the market. The strength of the trend is relatively weak.
The deviation of the 12-hour cycle has already rebounded in an upward trend [the price did not break near 64000], confirming the successful bottoming of the price. However, the price did not continue to rise, and the trend strength is also in a weak stage.
6-hour cycle has encountered resistance near 63000. The price did not continue to rise and started to move sideways. Moreover, the upward trend has weakened.
The trend strength of the 4-hour cycle is weakening, consistent with the 6-hour cycle.
1-hour period is in a sideways oscillation state, and the price is forming a top. However, the top formation is not particularly obvious during the sideways oscillation. The current trend is out of sync, so it is best not to take any action.
Conclusion: If the 4-hour cycle of the overall market successfully forms a top, it will create a lower high, and then continue the medium-term downtrend to establish a new low.
ETH is currently in a rebound trend within the 2-6 hour cycle. Taking the middle value, the resistance at the 4-hour cycle is around 3080. If the price does not break through 3080 in the next two days, Saturday and Sunday, you can consider entering a short position during the sideways or turning point. [May 10, 2024, 22:16:58] The current position is short, with a stop loss at 3057.
BTC has reached an important resistance level around 63000 and the price is temporarily unable to rise. The trend is not synchronized. If it fails to break through 63000 effectively by Sunday, it is preparing for a reversal. At the same time, you can place a short order at the low point of the sideways market. [May 10, 2024, 22:17:23] Set stop loss at 62500 and take profit at 63500. The stop loss should not exceed 2% of the principal, because we are still at the beginning of the trend reversal and the risk is higher, so the position should be smaller.
Since the short order has already been entered, let's see if there is an opportunity to increase the position on Sunday. And in this short-term downtrend, if the price deviates, remember to reduce the position. If the price does not continue to decline and enters a sideways oscillation range tonight, as long as the stop loss is not triggered, we won't do anything. Let's wait until Sunday to see.
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Small Currency Observation
"Chat"
Pullbacks/rebounds may be delayed, but they will always come. Delayed pullbacks/rebounds will gain acceleration [rubber band].
No matter how objective our analysis process is, the conclusion drawn must be subjective [because there must be a long and short choice], and the operational aspect is another set of logic. The stop loss is just a stop loss.
We are making big moves by starting from the 1-hour timeframe. Since we entered at the 1-hour timeframe, the stop loss should also be set at the 1-hour timeframe. Therefore, reduce position if it deviates, still based on the 1-hour timeframe.
Extreme trends cannot last for too long, so we need to constantly pay attention to the short-term deviations of this short order and take profit at the appropriate time.
Wif [Fruit has faith], the 4-hour cycle has already had a breakthrough action, and the rebound has successfully repaired the previous downward deviation. At this time, it is making a top, and the trend strength is weakening [upward trend strength]. This is a trend reversal action. Next, under normal circumstances, it is expected to create a new low. However, pay attention to the support around 2.77.
Sui【yzweiwei】, the downward deviation that appeared in the mid-term has not been fully repaired, and it has been unable to enter the rebounding uptrend. The price has also reached the mid-term support around 1.04, and the price has not fallen below temporarily. However, shorting is not recommended because the deviation has not been repaired and there is a need for repair. √
Bome, ondo, gala [Zhou Hei Lun], the spot is in a loss state, mainly depends on the proportion of the principal. If it is too large, you can reduce it appropriately, starting with Bome. Because spot investment is buying future value, the bull market has not yet started, so there is no need to be afraid. It's okay to hold a small amount of Bome, but don't keep too much. Spot should only be held through a big bull market. The proportion of position allocation must be clear, quantifying the risk, and not putting all your eggs in one basket. √