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Friday morning thoughts on 8.22, go long first and then short.
The overnight pancake has tested below 1120 multiple times but ultimately failed to break through it. Although there is limited room for a short-term rebound, this support level is quite evident. There are two scenarios for the future: if it cannot effectively break below the 1120 support, it remains bullish. If it breaks downwards, then it will follow the trend down.
Ethereum is also in a weak downward trend, with multiple tests forming short-term support around the 4200 line. Considering the overall structure, Ethereum is still in a weak state, and it is only a matter of time before it breaks below the short-term support.
It is recommended to buy around 1120, watch the 1135 area, if it goes up and does not continue, then short.
Ether, buy around 4200, watch 4260-4300, if it doesn't continue up, go short.
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