8.1 Morning Cryptocurrency Market Update | Bearish Plunge + Technical Rebound, Is Bitcoin and Ethereum About to Bounce Back?
Brothers, Trump stirred up trouble again last night—imposing tariffs of 15% to 41% on 67 countries, originally set to take effect on August 1, now delayed to August 7. This leaves a window for negotiations, but market sentiment has already collapsed.
Bitcoin has followed the trend down to our expected level, touching a low of 115,000, with the monthly line just closing red. The technical factors combined with the bearish news have substantial impact. Fortunately, the bottom support on the four-hour chart remains, the TD13 has shown a reversal signal, and both RSI and KDJ are oversold, indicating conditions for a rebound.
The short-term strategy is clear: you can lightly go long near 115K, looking at the 117K resistance level. If it doesn't hold, consider reversing to short.
Ethereum is moving in tandem with Bitcoin, with six consecutive red candles on the four-hour chart. The last candlestick has a long lower shadow, accompanied by indicators showing signs of a bottom. In the short term, it is expected to follow a rebound. However, be cautious as Ethereum's volatility is greater than Bitcoin's, and risk management is crucial. 3704 is not an absolute bottom; if it breaks 3660, you must stop loss.
Overall, this wave of decline is mainly influenced by macro news, rather than on-chain funds or institutional actions. The medium to long term outlook remains bullish, while the short-term focus should be on whether Bitcoin can stabilize at the key level of 115K.
The market changes rapidly, keep pace with the operations, and don't let emotions dictate your actions. The next opportunity is hidden in this wave of adjustment.
