On August 1st, Bitcoin rebounded to the $116,000 range after briefly dipping around $114,300. Previous analysis on July 29th indicated a long lower shadow at $117,500, showing clear signs of support from major players, but the KDJ indicator was nearing a death cross around 50, indicating a risk of divergence. The daily chart shows that Bitcoin is at the end of a wedge convergence, with the probability of breaking through $119,000 dropping to 25%.

Coinbase experienced a net outflow of 800 BTC last night, and on-chain data shows increased short-term selling pressure. Additionally, $2.99 billion worth of tokens will be unlocked in August, with significant unlocks of Solana (SOL) and Worldcoin (WLD) potentially affecting market liquidity. The fear and greed index on July 31st was at 72 (greed), but large whale funds showed a net outflow, reflecting that some large holders are taking profits or avoiding risks.

Short-term resistance levels: $117,500-$118,500. If the price rebounds to around $118,500 and fails to break through effectively, consider a light short position, with a stop loss around $119,500 and a target down to $115,000.
Key support levels: $114,300 (low point on August 1st) and $112,000 (support from the rising trend line since June). If the price stabilizes around $114,300, consider attempting a short-term long position, with a stop loss around $113,500 and a target up to $116,500.

On August 1st, Ethereum rebounded to above $3,700 after reaching $3,615, but has not yet broken through the support level of $3,750-$3,760 from July 29th. Previous technical analysis indicated that Ethereum completed a TD9 sequence descending signal, with the MACD fast and slow lines crossing but bearish momentum not fully dominating.

The rise on July 28th was confirmed as a continuation of the third wave, rather than the start of a fifth wave. Currently, we need to wait for a fourth wave pullback to $3,520-$3,560 before positioning for a long, targeting the fifth wave peak of $4,000-$4,100.

Short-term resistance levels: $3,750-$3,800. If the price rebounds and is blocked around $3,750, consider a light short position, with a stop loss around $3,800 and a target down to $3,600.
Key support levels: $3,520-$3,560 (fourth wave theoretical pullback level) and $3,200-$3,300 (strong support range). If the price stabilizes around $3,520, consider building a long position in batches, with a stop loss around $3,450 and a target up to $3,800.

Due to the time-sensitive nature of price levels, there may be delays in post reviews, so specific operations should be based on real-time market conditions. The above operational range analysis is for reference only; the cryptocurrency market is highly risky, so please manage your risk and make cautious decisions when investing. If you are interested in specific indicator analysis or the impact of new market dynamics on prices, feel free to scan the QR code for the public account in the article below. You are welcome to visit. Reminder: The content of the above article is original, and the advertisements at the end of the article and in the comments are not related to the author, please be cautious in discerning!

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