7.29 $ETH Market Analysis (with long/short entry points): After taking a small bite on shorts yesterday, where should you focus today?



Yesterday I let it slide and had B-friends watch this move at 1923 for a pullback. In the evening, it also pulled back to the first take-profit at 1895. For ETH right now, the key is when this big bearish hourly candle shown in the chart can be resolved. If it can’t be resolved, the price will keep moving downward in the short term. There is hope to reach the support zone at 1822-1828.

After this big bearish hourly candle is engulfed by a bullish candle, watch the 1998 area to enter a short again for a pullback. So if you still have short positions, today I recommend continuing to hold them—after all, this big bearish candle on Ethereum isn’t easy to resolve, and the probability of further downside is pretty high. Even if it gets resolved and price moves to 1998, I would still consider shorting again.

If you want to go long, just wait for the 1822-1828 area. If the hourly close is below 1800, you need to exit—don’t hesitate. This is a bet on a bounce, not a bet on a reversal.
ETH1.21%
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