$ETH Double Pancake Evening Thoughts:

The Double Pancake flag pattern has been broken, but this breakout, like the previous two, shows higher highs, yet the closing price hasn't closed above the 2393 resistance level. Instead, as indicated by the red arrows, two pin bars appeared. So, is a double top pattern forming? It's still uncertain because until the market confirms its move, you can't be sure whether it's heading for a double top. Currently, it's only a potential double top. Unless it breaks below the flag pattern, the hourly double top isn't confirmed, and it may pull back to around 2333. If it retests 2333 without breaking below, it will likely trade in a range between 2333 and 2393 with sideways consolidation. Only if it breaks below 2333 can it test the support at 2273. Conversely, if it doesn't break the flag pattern but retests the upper boundary of the flag and then pushes upward beyond 2393, it could test the resistance at 2456. So, now you either wait for Double Pancake to break the right side of the flag and go short, or wait for a top formation during a rally to short. If it doesn't move up or down significantly now, it can't go long or short.

For Double Pancake with volume, aggressive traders can go long on a breakout above 2389 on the right side, or go short on a volume breakdown below 2354 on the right side. Pay attention to volume changes, and set stop-losses accordingly.
On the hourly level, if Double Pancake stabilizes above 2389, look for a move up toward 2456-2496.
On the 4-hour level, if it breaks below 2355, look for a move down toward 2329-2272.

The 4-hour box pattern for Double Pancake has been broken, but now it faces a problem: although it broke above the previous high of 2386 on the 4-hour chart, it only pierced the high with a wick and didn't close above 2386. After forming a new high, it didn't pull away significantly from the previous high of 2386. Therefore, Double Pancake is likely to retest the upper boundary of the box at 2332. If the retest holds, it may go higher; if it doesn't hold, it will likely pull back into the range.