The cryptocurrency world is full of opportunities and challenges. We need to maintain a clear mind at all times so that we are not influenced by short-term market fluctuations. It is inevitable to encounter some setbacks in the crypto space. We must understand that every difficulty we face is a stepping stone towards success. We should learn to view problems with a long-term perspective; without taking small steps, we cannot reach great distances. The road to success is destined to be winding and long!
Feiran's Cryptocurrency Analysis on August 16 (Written at 08:20) BTC Market Analysis and Trading Suggestions:
After Bitcoin fell below 117,000 yesterday, the price began to consolidate in a range. As Bitcoin continues to weaken, the monthly and weekly charts have quietly changed. The continuous solid bearish candles on the daily chart indicate that this pullback is not simple. Besides the fact that Bitcoin has lost half of its gains on the K chart, it is also worth noting that the MACD indicator has quietly formed a death cross and is gradually shifting towards a bearish trend. This suggests that bearish sentiment may be spreading. Although Bitcoin has seen some rebound near the 61.8 Fibonacci retracement level on the 4-hour chart, the strength is very limited, and the resistance above 118,000 is more pronounced. If Bitcoin cannot hold above 118,000 during the day, we will continue to look for short positions.
BTC Trading Suggestions:
It is recommended to short near the 117,700-118,000 range, with a target of 117,000-116,000. If it breaks down, continue to look lower, with a stop loss at 118,500.
Affected by Bitcoin's decline, Ethereum has also changed from its previous strong performance. When the price fell below the 4,500 level, a head-and-shoulders pattern was basically formed on the 4-hour chart, with the highs continuing to decline. A short-term bearish pattern has emerged. If the trading volume is not large during the day, it is highly likely to follow a pattern of rising and then falling to find a bottom. Pay attention to the resistance above 4,500 during the day.
ETH Trading Suggestions:
It is recommended to short on the rebound near 4,470-4,500, with a target of 4,400-4,300. If it breaks down, continue to reduce positions and look lower, with a stop loss at 4,530.
These are personal views for reference only. Market conditions may change, and specific strategies should be based on real-time analysis!
The strategies in this article may have a time lag and are for reference only. Please view them rationally, and you bear the risk of profits and losses!
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