As a senior figure in the cryptocurrency industry, I have been deeply involved in this charming and challenging field for many years. Having experienced the ups and downs of the cryptocurrency market and witnessed the rise and fall of numerous currencies, I have accumulated rich practical experience and unique market insights. Investment is a long-term practice, and this is especially true in the cryptocurrency industry. By continuously learning and improving one's cognitive and judgment abilities, one can steadily progress in this challenging field.
Yang's Analysis of Cryptocurrency: Bitcoin Market Analysis on August 8, 2024
As of the time of writing, Bitcoin continued to decline intraday, forming a small bearish candlestick on the daily chart. The price of the coin is consolidating around 55,000, absorbing buying orders. The rebound from the past two days may be engulfed again. The main support levels to watch below are 52,500 and 51,500. The MACD lines (DIF and DEA) on the 4-hour chart are slowly rising, and the green energy columns are gradually shortening. The three lines of the Bollinger Bands are converging, and the market is running along the midline. The KDJ indicator has formed a bearish crossover and is heading lower. Overall, the market may further test the downside, so it is recommended to consider long positions at the support level, set proper take-profit and stop-loss levels, and ensure the safety of the principal.
Short-term strategy:
Short in the range of 57,500 to 56,700, with a stop-loss at 58,000 and a target near 55,000.
Long in the range of 53,000 to 54,600, with a stop-loss at 52,500 and a target near 57,000.
Yang's Analysis of Cryptocurrency: Ethereum Market Analysis on August 8, 2024
After experiencing two days of oscillation and correction, Ethereum began to decline and formed a semi-circular pattern, with the price dropping to around 2,300. The EMA12 crossed below EMA26 to form a bearish crossover, and the two lines continued to diverge lower. The bullish energy columns of the MACD on the 4-hour chart are growing, and the DIF and DEA lines are converging, while the KDJ indicator is starting to turn upwards. The three lines of the Bollinger Bands are converging, and the market is around the midline of 2,420, with the short-term trend expected to rise and run higher.
Short-term strategy:
Short in the range of 2,520 to 2,470, with a stop-loss at 2,560 and a target near 2,350.
Long in the range of 2,250 to 2,300, with a stop-loss at 2,200 and a target near 2,450.
Disclaimer: The analysis and insights provided in this article are solely the author's personal opinions and do not constitute specific operational guidance. Any profits or losses resulting from acting on this information are the sole responsibility of the individual. Investment carries risks, so caution is advised when entering the market.
This article is exclusively planned and published by Yang's Analysis of Cryptocurrency. For more real-time investment strategies, spot contract trading techniques, and operational skills, you can consult the author for learning and communication. The author has been focusing on spot contracts for BTC, ETH, and altcoins for many years, hoping to help you achieve brilliant results.
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