Be careful! The fall trend of Ethereum has not completely been resolved, everyone look at the chart.

Previously, we went long at the support levels of Ethereum 4000-4100 and BTC 112,500, and it was a second bottom entry. Both of them rebounded successfully. However, the problem is that Ethereum has come near the descending trend line again, where the resistance is quite strong, and I don’t dare to bet that it will definitely break through.

So taking profits on long positions is fine, and if you're bold, you can even consider shorting a bit. I'm still holding my short position on small coins in the ETH ecosystem, just observing.

If he breaks through, then it's not too late for us to go long. If he doesn't break through, then it might fall back to 4000. I'm still quite happy because I can buy at a low price again. The same applies to Bitcoin; don't operate based on feelings. Understand this chart, and you'll have much clearer insights.

In addition to the K-line, on the news front, Powell's speech at 10 PM on Friday should be the key to the market. If Powell's attitude softens, then a rate cut in September is on the table, and the market will take off. If he takes a hawkish stance, then a rate cut in September is uncertain.

However, the market has already fallen ahead of schedule this week. I think the worst-case scenario is that the decline is limited, and instead, it could be a good opportunity to buy at a low price. Who knows, it might even rebound after the bad news has been fully priced in. It's also possible to operate according to the chart I mentioned.

Of course, Shu Qin is not a deity, and I cannot know in advance what Powell will say. I can only write out the response strategy for everyone first, taking long and short positions at key points. The odds are still quite good. I hope Powell acts like a person, and may everything go smoothly for us!