Crypto Circle Li Ying: Is the drop of Ethereum on 11.27 just a negative feedback? What does the bull market correction indicate? Latest market analysis
Article published on 2024.11.27----01:30
Current price of Ethereum is 3328. After taking profits from the previous high and positioning shorts at high levels, the shorts were closed profitably after breaking 3300. Such continuous market movements in this month's bull market are almost always predictable, especially with the main players' clear strategies. The currently formed triple top indicates a pullback, and the depth of the pullback is accompanied by the bullish sentiment attracted by previous market speculation. Li Ying's judgment mainly aims to clarify this wave; after cleaning out, the bullish sentiment will continue, and there will definitely be sectors that catch up. However, before that, how to act and position is crucial to not miss this wave.
Li Ying still analyzes from the price trend perspective. As you can see, the K-line pattern shows a short-term price pullback at high levels, forming a short-term downward trend. As long as the bulls do not break below three thousand, market sentiment will not end. Short-term pullbacks are a normal phenomenon for the main players to take profits, as markets cannot always move in one direction; after accumulating long positions, a digestion is necessary. The technical indicators MACD currently show both DIF and DEA as negative values, and the MACD histogram displays green bars, indicating the dominance of bearish forces, but there are signs of convergence, suggesting that this wave of market digestion is nearly complete.
The Relative Strength Index (RSI14) is close to 50, in a neutral zone, not significantly entering the overbought or oversold zones. Additionally, the trend indicator EMA7 has crossed below EMA30, and the price is running below EMA7, indicating a short-term weakness; however, EMA120 is still trending upwards, which aligns with Li Ying's view that the long-term trend remains bullish. Looking at the increased trading volume, it is normal for market activity to fluctuate; it would be strange if it didn't fluctuate. Therefore, Li Ying suggests waiting for this wave of bottoming to end before seeking opportunities to continue positioning primarily long, and temporarily not considering shorts until a key resistance level above is retested.
Today's latest reference points
Long position at 3150, add at 3100, stop at 3050, target 3300
Short position at 3450, add at 3500, stop at 3550, target 3350
The above analysis by Li Ying is based on market data and trend analysis of the order book, and does not constitute investment advice. For family reference. Over ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. In this process, Li Ying has experienced the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and deep lessons along the way. As a female trader striving in this challenging field, Li Ying feels a responsibility to share her insights, hoping to help other dreamers find their place in this unpredictable market and embark on their own successful journey.
The content of the article is timely and for reference only, risks are borne by the reader
