July 17 Trading Log (11:30 AM)

1. US tech stocks are bleeding badly: falling is really no less “merciless” than the crypto market!
Last night’s sell-off in US tech and chip stocks is truly no less brutal than what you see in crypto—it’s enough to make people gasp with cold sweat.

I originally thought the crypto rollercoaster was already as thrilling as it gets, but over there, the old Americans are smashing the market in the same inhumane way. A single day can easily mean a drop of a dozen-plus percentage points. Especially those AI and semiconductor giants that were soaring before—SanDisk and Western Digital were directly suppressed, down roughly 10% to 12%; Micron and Nvidia also couldn’t hold on. With this needle puncture to the global AI bubble, the stampede from the high ground is just as bloody—bloodshed everywhere.

Sure enough, once the big leg is limping, crypto can’t possibly stay independent either. When US stocks collapse, bullish sentiment in the crypto market is instantly doused with a bucket of cold water.

2. Ethereum ($ETH ): shorts start to gain momentum—first target 1620!
With the drag from US stocks, the “second pancake” is finally starting to go down honestly and steadily from the highs.

Since the frenzy that began after breaking 1836 a few days ago is now fading, and there’s no strong follow-through from high-level capital, our thinking is very simple and straightforward—this time, first we need to see around 1620!

For the brothers who previously placed short orders around 1947 / 1958 / 1988, you should now be starting to run profits comfortably. Right now, the short-side momentum on the chart is accelerating its release. As long as the external macro keeps coming under pressure, the space below will be very smooth.

Current action: hold the short position firmly—don’t hand out your chips too early halfway through the move.

First target level: first look at 1620. Once it reaches this area, you can consider taking profits in batches, while keeping the remaining smaller position to continue watching for further downside.

Defense adjustment: to prevent the “dog-farm” from inserting malicious wick spikes and snap-backs during the crash, it’s recommended that everyone gradually move the stop-loss on the shorts up to breakeven, ensuring this trade is already standing on ground that won’t fail.

Today’s ramblings
That’s why I’ve always believed in the power of cycles. Even if the longs are hopping around and celebrating with all the energy in the world in low volume, as soon as the outside world blows a little cold wind, a slap-down can happen in an instant.

It’s almost the weekend—pay close attention to the volatility in US stocks tonight before the close, and don’t let the profits you’ve got fly away. Keep it at breakeven, and I’ll see you at 1620!
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