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Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: August 26, 13:00 Beijing time
Market Information
- Former Treasury Secretary Summers warns: Trump's "political hunt" against Cook may shake the foundations of the market;
- Federal Reserve's Logan: Banks may use SRF in September to alleviate liquidity pressure;
- BNP Paribas predicts two interest rate cuts by the Federal Reserve this year;
- The Philippines proposes to establish a strategic reserve of 10,000 bitcoins, with a lock-up period of 20 years;
- Japan's Finance Minister states that crypto assets can be part of a diversified investment portfolio;
Market Review
Yesterday, Bitcoin and Ethereum basically did not provide any rebound opportunities, continuing to decline. As of now, Bitcoin has dropped to a low of 108,559, and Ethereum has dropped to a low of 4,310. Bitcoin has broken through key support, and the market will continue to decline;
Market Analysis
Bitcoin
Yesterday, Bitcoin tested the support near 113,000 and closed with a long lower shadow. In our article, we also made a long position based on the effective support trend. Bitcoin's drop directly fell to 108,559, so our long position was undoubtedly stopped out. This drop belongs to a breakdown decline. In previous declines, the support level of 113,000 had blocked the price. A few days ago, due to Powell's speech, the market had a rally. Without this news, the market should have gone down at that time. This is a retrospective summary. Currently, the daily closing shows a large bearish candle, effectively breaking the support at 113,000. The monthly line still has a few days to close, and a bearish candle with an upper shadow should not be avoided. A monthly bearish close increases the chances of further declines. Bitcoin's drop below 113,000 is just the beginning of the decline, and there will be deeper drops in the future, expected to break 100,000. In future trading, we should try to go short, recommending entry points around 111,500, adding positions around 112,500, with a stop loss at 114,000 and a target of 108,000-107,000. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
Ethereum
Ethereum is still relatively resilient, and large holders have not shown massive selling, making it difficult for the price to experience a deeper decline. The long position we set yesterday was also stopped out. As Bitcoin breaks down, Ethereum will follow suit, rarely showing independent trends like before. Currently, looking solely at Ethereum, the daily closing shows a large bearish candle. Although there was a rebound during the day, Bitcoin is currently in a bearish trend, so it is not recommended to hold long positions for an extended period. The support for Bitcoin's current decline is around 4,250, which has not yet been reached, and there is also some support around 4,000. In trading, you can follow Bitcoin for short-term high shorts, recommending entry points around 4,510, with a stop loss at 4,600 and a target near 4,250. After reaching this target, pay attention to the defense situation at 4,000. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin has broken down, and there will be deeper declines in the future;
The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook lamb and slaughter cattle for joy, one must drink three hundred cups at once." Always retain Li Bai's boldness, "Cen Fuzi, Dan Qiu Sheng, let’s drink, do not stop the cup." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep it up, every person in the crypto circle.
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