Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be too hasty. Even if there are short-term losses, there is nothing to fear. As long as the subsequent direction is chosen correctly, what has been lost will eventually return. However, it is important to grasp the timing of trades and the current market trends to improve the win rate. At the same time, investing is also a process of growth. Mr. Coin suggests that all cryptocurrency friends learn while trading, summarizing both profits and losses in a timely manner, deepening their understanding of risks, and planning the correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.

Mr. Coin's Cryptocurrency Market Analysis Reference for August 7: Bitcoin (BTC)

Bitcoin's intraday market continues to consolidate within a range. In the afternoon, after the price retraced to around 113,300, it rebounded. Currently, the trend has broken through the 115,000 resistance area, with the market slightly rising and approaching the 115,700 level, with an intraday increase of over 2,000 points. Overall bullish sentiment has warmed up, and the downward trend has been temporarily suppressed. If the price can stabilize at 116,000, the market is expected to break through the key resistance of the daily Bollinger middle line and return to an upward rhythm. I hope all cryptocurrency friends are prepared in advance. Conversely, if the market cannot continue to rise, there is a possibility of a pullback to the support level around 114,000.

From a short-term hourly perspective, as the market breaks the short-term resistance, bullish sentiment has warmed up. However, the key resistance at the daily Bollinger middle line has not been broken, so the overall trend is expected to remain in a stalemate in the short term, with the market entering a high-level consolidation area. Therefore, it is recommended to buy low at high levels. The upper resistance to watch is around 116,600, and the lower support is around 113,500.

Market Analysis Reference for August 7: Bitcoin

Short position entry point: 115,800-116,801 range, stop loss at 118,500, stop loss 500, target below 114,500.

Long position entry point: 112,600-113,600 range, stop loss at 110,500, stop loss 500 points, target above 114,400.

Mr. Coin's Cryptocurrency Market Analysis Reference for August 7: Ethereum (ETH)

Ethereum's intraday market also retraced and moved upward, but the overall strength is not strong. Subsequently, bullish supply is clearly insufficient. As of the time of writing, the high has also reached around 3,700, and the current price is running around 3,690. In the short term, bullish sentiment has warmed up, and Ethereum's intraday trend is oscillating widely. The market has not shown a strong breakout, so it is not recommended to blindly chase the rise. Be cautious of a market pullback testing the lower support.

From a short-term hourly chart perspective, the Bollinger Bands are gradually narrowing. Currently, the market is under pressure and has retraced. The five-day and ten-day moving averages show signs of flattening, and the short-term price volatility is also decreasing. Therefore, it is expected that the oscillating market will continue for some time. Focus on the range of 3,560-3,730, and follow the trend for short-term gains if there is a stable breakout.

Short-term Reference for August 7: Ethereum

Short position entry point: 3,765-3,705 range, stop loss at 3,880, stop loss: 30 points, target below 3,600.

Long position entry point: 3,505-3,565 range, stop loss at 3,300, target above 3,620.

There may be delays in sending articles, and strategy suggestions are for reference only. The market changes rapidly, and no matter how high the judgment of the market is, always set stop-loss and take-profit levels. For more real-time strategies and online technical learning, follow the public account of Mr. Coin (币圈币先生) for ways to add: the first ten each day can receive free strategies for resolving positions.

For more real-time strategies daily, you can follow my public account for online technical learning, resolving positions, etc. I have researched the market for many years, studying the major trends in the cryptocurrency space, and have studied extensively in the U.S. focusing on analyzing and guiding BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. I welcome all cryptocurrency friends who are unsure about trading to study and learn together.

This article is exclusively shared by Mr. Coin and represents his unique views. There may be delays in sending articles, and risks are to be borne by the reader. Manage your positions reasonably and avoid heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, moving forward together. In the depths of time, hold onto understanding. In investing, one must learn to be optimistic. Do not let your future self dislike your present self. We live authentically, but not every data revelation needs to be taken too seriously. Let the past be the past, and let the future come quickly! Take good care of yourself, prepare well, and be ready to set off at any time. Let's go!

—— This article is written by Mr. Coin, no plagiarism allowed, respect originality!

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