BTC/ETH Analysis for the Morning of August 3rd
First, have a happy weekend!
Yesterday, Saturday, the market briefly consolidated during the day. Prices broke down again in the early morning hours, falling below our ultimate target of 120,000 at the beginning of the month. This clearly indicates that this downward trend is not over yet. Those who are looking to buy the dip should wait a little longer.
On the 4-hour chart, prices are still moving downward along the lower Bollinger Band and diverging. The MACD and KDJ indicators show signs of a brief rebound. This is merely a tentative rebound during a downward trend, providing favorable price support for our high-level short strategy. During the day, we only need to focus on the 114,000 resistance level. If the rebound does not break through the downward trend, the trend will remain.
BTC recommended shorting 1128-1133, with a defense of 800 points.
Targets 1119/1114/1105
ETH recommended shorting 3430-3465 Defense 40 points
