Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: August 16, 13:04 Beijing time
Market Information
- The Federal Reserve officially abolishes the expert group regulating cryptocurrency issues;
- Traders lower expectations for Federal Reserve interest rate cuts but remain optimistic about actions in September;
- The Hong Kong Securities and Futures Commission tightens cryptocurrency custody rules;
- The Federal Reserve may purchase $2 trillion in Treasury bonds to assist the Treasury Department;
- The yield on 10-year U.S. Treasury bonds rose more than 4 basis points this week;
Market Review
Yesterday, Bitcoin showed a slight rebound in the short term, but the strength was not significant, with the highest rebound point at 119,184, followed by a rapid decline, with the lowest point at 116,736. Ethereum's short-term rebound high was at 4,670, with subsequent declines at 4,364;
Market Analysis
Bitcoin
Yesterday, due to a bullish candle on the 4-hour chart, we positioned for a short-term long trade, but by 8 PM last night, it had not rebounded, and we notified offline to exit at breakeven. We couldn't notify online in time, so those following this short-term long trade likely faced losses. I mentioned to everyone to pay attention to the weekly closing situation. Currently, the weekend market is moving slowly. If the weekly candle closes bearish this week, the chances of a decline next week will be greater. On the daily chart, yesterday closed with a large bearish candle, and today’s early session also did not close with a pin bar, resulting in another bearish close. Previously, Bitcoin had been moving in this range for a while, forming a dense area of chips. The short-term support level is around 114,600. After reaching this level, pay attention to the closing situation below. If a long lower shadow forms, a short-term long position can be opened; conversely, if it breaks below 111,850, a deeper decline will occur. If the short-term bullish rebound is weak, one can attempt a short position. The recommended entry point is around 118,200, with a stop loss at 120,000 and a target range of 116,200-115,000. Manage your entry opportunities; for short-term trading, control risks and manage profits and losses independently;
Ethereum
On the daily chart, Ethereum also formed two bearish candles. This pullback has a high chance of testing the previous level around 4,100, which was a strong resistance that has now turned into support after breaking through. In trading, one can first follow Bitcoin for a short position, expecting to reach around 4,100 before planning a long position based on the trend. The suggested entry point is around 4,455, with a stop loss at 4,530 and a target range of 4,200-4,100. Manage your entry opportunities; for short-term trading, control risks and manage profits and losses independently;
In summary:
The short-term pullback opportunity for Bitcoin and Ethereum is greater; pay attention to the support below;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook sheep and slaughter cattle for joy, one must drink three hundred cups at once." Always retain Li Bai's boldness, "Cen Fuzi, Dan Qiu Sheng, let’s raise a glass, do not stop the cups." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep going, every person in the crypto circle.
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