7.24 Pie thoughts: 1860-1880 scale in batches, stop loss at 1820, first target 1940, second target 1980

Pie current price is 1872. After a continuous bearish drift and consolidation, most of the force that the shorts needed to put out has already been released. After yesterday’s 1870 short take-profit, today the market’s “price action language” has started to change.

Looking at the hourly chart: around 1860, price has repeatedly tested but failed to break through. The bid support underneath is clearly stronger than in the previous few days. Shorts have pounded for so many days but haven’t even touched the edge of 1800—what does that mean? It’s not that they don’t want to sell; it’s that they can’t. The short-term moving averages have started to flatten, and the downward pace has slowed markedly—this is a signal of short exhaustion.

When others fear and I greed—when everyone is too scared to bottom-fish—that is often the spot with the best risk-reward value.

Short-term watch:
Support zone below: 1860-1850
Stop-loss line: 1820
First overhead stop: 1940
Second stop: 1980

In terms of execution: enter in batches in the 1860-1880 range. Don’t go all-in—buy on pullbacks instead. Place the stop loss at 1820. Targets: first look at 1940; once volume picks up and price stands above it, push further toward 1980.

After so many days of shorts’ celebration, it’s time to see how the longs fight back. #ETH$ETH