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8.21 Morning ETH Thoughts
ETH and BTC show synchrony in their trends, with prices rebounding after a slight pullback to a low of 4263, encountering resistance and falling back after reaching a high of 4378 in the morning session.
Technical observation:
- Four-hour level: During the rebound process, signs of stagnation appear, and the middle band of the Bollinger Bands serves as a key resistance level that has not been effectively broken through. Additionally, the middle band continues to decline, with the overall trend still dominated by the bears.
- Hourly level: The price tests the upper Bollinger Band and then falls under pressure. The KDJ indicator's three lines enter the overbought zone and then turn downward, with the death cross pattern gradually forming.
Based on this, the morning trading strategy suggests focusing on short positions during rebounds.
Suggestion: Enter around 4340-4370, target: around 4190