🌟Market Analysis (2024.8.7)🌟
⏳Yesterday Review: $BTC $ETH both saw a wave of rising market yesterday, among which Bitcoin's rebound potential was stronger than Ethereum's, which may be due to the fact that many institutions and whales bought a large amount of Bitcoin yesterday. As in yesterday's market analysis, Bitcoin currently rebounded from the bottom to the middle track of the Bollinger Band at the 4-hour level, and fluctuated slightly around the middle track of US$56,000. Ethereum's rebound was relatively weaker, and the 4-hour level did not touch the middle track of the Bollinger Band and began to turn.
🎗Today's Viewpoint: Including the US stock market, many countries' stock markets have collectively plunged. At present, the sentiment of the entire global capital market is relatively pessimistic. So is it possible for the crypto market to become a safe haven for capital? I think this is not very realistic at present. When there is a liquidity crisis in the capital market and the interest rate cut cycle has not started, it is difficult for the crypto market to remain immune. I still maintain yesterday's view that after the rebound of the big cake, a wave of shock cycle should start in the short term, so I have always emphasized that after the rebound of the cottage, short-term targets can slowly sell some goods, and wait for the next wave of decline to continue to copy back, so as to lower the average price. You can review it. After the big cake is oversold, it is generally rare to have a V-reversal. Basically, it will start a new round of market after a bottom pattern is formed by shocks and slight declines. The cycle here is basically one to two months. So is it possible for Ethereum to wait for the big cake to consolidate and start to rebound? Let's wait and see.
🎯 Operational suggestions: It is relatively difficult to do short-term trading during the shock cycle. Only by following the unilateral trend and trend trading can we make more profits, so I suggest watching more and doing less.
$BTC
Support: 54800 Resistance: 58000
$ETH
Support: 2400 Resistance: 2690
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