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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 30, 13:05 Beijing time
Market Information
- U.S. senators hope to review a new cryptocurrency market structure bill by the end of September;
- The Federal Reserve finalizes new capital requirements for major banks; Morgan Stanley applies for reconsideration;
- Meeting indicators strike again, Bitcoin falls below $109,000;
- The Federal Reserve's core inflation indicator shows stable tariff costs;
- Binance CEO Zhao Changpeng states that public token libraries and tokenization are positive news for cryptocurrencies, but risks still exist;
- Federal Reserve Governor Waller supports a 25 basis point rate cut in September;
Market Review
In the past two days, Bitcoin has experienced a small rebound testing resistance around $113,000, with the highest rebound point at $113,429. Subsequently, it fell yesterday, breaking the short-term low of $108,559, with the current lowest point at $107,281. Ethereum's short-term rebound high was $4,662, followed by a drop with a low at $4,254, and it still has not reached the $4,000 support;
Market Analysis
Bitcoin
Previously, we indicated that Bitcoin's resistance is around $113,000, and the market tested this resistance before falling. Our short position around $111,500 was supplemented at $112,500, bringing the average price to about $112,000. The market then fell as expected, reaching the target range of $108,000-$107,000, with a profit of at least 4,000 points on the short position. It is still running at lower lows, and both the weekly and monthly lines are about to close. We mentioned that a bearish monthly close would lead to continued declines. Currently, it seems that a bearish monthly close is inevitable, and there is a high chance of a large bearish weekly close. The overall trend is showing strong bearish momentum, and we should primarily focus on shorting in the future. The support for Bitcoin is around $105,000; we will look for long position opportunities when it reaches this level. Currently, the daily line is also showing a large bearish candle. During the day, we wait for a rebound to short. Recommended entry points are in the $110,000-$111,000 range, with a stop loss at $113,500 and a target of $106,000-$105,000. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
Ethereum
For Ethereum, we previously recommended an entry point around $4,800, but the rebound did not materialize, peaking at only $4,662, which we missed. Currently, looking at the 4-hour line, Ethereum is still operating above the $4,000 support. This area was previously strong resistance, and now the drop has formed strong support. However, Ethereum has already broken the short-term low of $4,310, and the market will continue to test the $4,000 support. Long positions should be considered around $4,000. Currently, the trading strategy is to short on rebounds, with a short entry around $4,460, a stop loss at $4,560, and a target of $4,200-$4,100. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin is under pressure and has more room to fall in the short term, while Ethereum should focus on bottom support.
The article is time-sensitive; please be aware of the risks. The above is only personal advice and for reference!
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