Last night, the coin price dropped again to around 93600, while Ethereum reached around 3500. However, the coin price did not continue to decline in the early morning; after receiving support from below, the price began to fluctuate upwards. Ethereum just had a big bullish candle that directly pierced through 3700, forming a reversal. After such a strong rise in Ethereum, the coin price is bound to pause, and there is a high chance it will be dragged down by Bitcoin. From the 4-hour price pattern, the coin price is frequently switching between long and short positions, lacking continuity. However, based on the pattern, although the coin price has a long lower shadow, the current downward trend has not stopped. Therefore, do not rush to enter long positions; wait for the right opportunity.
First, observe the retracement of the coin price and wait for stabilization before planning long positions. Bitcoin is shorted at 95800-96300, with a focus on around 94300. Ethereum is shorted at 3705-3740, with a focus on around 3600.
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