8.15 Market Analysis: Bitcoin Shows Bearish Engulfing, Is the Historical High Point Doomed to Fall?

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丁君羡
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12 hours ago

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  BTC: After reaching a historical high of 125,000 yesterday morning, Bitcoin experienced a significant drop in the evening as PPI data exceeded expectations and Federal Reserve officials reduced bets on interest rate cuts. The daily chart even formed a bearish engulfing candlestick pattern, with the lowest point dropping to around 117,000, returning to the previous starting point. In the short term, the price is likely to rebound and consolidate at this level, with attention on the resistance zone above at 120,000-121,000 and the support area below around 116,000.

ETH: Ethereum is showing slightly stronger performance, with the decline not being as smooth. On the 4H chart, it has reached the support area of the middle band, although I still hold a short position at 4,720. As long as it does not break below the 4,400 level, there won't be much risk of a sharp drop, with attention on the resistance zone above at 4,620-4,660.

For more explanations, please patiently watch the video. If you have any questions, you can follow the public account: Ding Junxian.

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