7.22 Jack Erbing Midday Afternoon Analysis

Before the main move, the chart oscillated and trended upward; after pushing to the 1938.50 high point, the upward momentum has weakened and the trend has reversed, with price continuing to fall. Currently, the price has been staying below multiple moving averages for a long time. Multiple moving averages have formed continuous overhead pressure from top to bottom, and the bearish structure is clear.

During the decline, there have been several small rebounds, but the rebound strength is too weak to break through the moving-average pressure; it only serves as a brief pause during the ongoing sell-off. The prior low at 1915.69 is the key support level right now.

In a market like this with sustained downward pressure, attempting to bet on a rebound against the trend carries high risk. Do not rush to enter. Wait patiently for the market to show clear signs of a bottoming out. After confirming stabilization, then look for a suitable opportunity to participate. #以太坊