August 3 Market Analysis

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🎉🎉🎉🎉🎉🎉🎉🎉

＄BTC

The previous posts mentioned focusing on the 60-day moving average on the daily chart for BTC. It has perfectly retraced to the 60-day moving average on the daily chart.

Currently, a W-bottom has appeared on a smaller timeframe, and the last segment of the downward structure, the 5 waves, has been completed. This position looks for a rebound, with the rebound area between 114800-115800.

The future trend follows the purple and yellow routes. Considering the MACD red bars on the 4-hour chart have not widened, it indicates weak downward momentum. However, the yellow and white lines are not diverging. On the 4-hour chart, it could either break new lows forming a bottom divergence, signaling a weakening of momentum before a rise, which would be the first buying opportunity! Or after a rebound, it could present a second buying opportunity without breaking new lows, leading to a direct rise! This also involves the idea of switching between buying and selling points. Currently, I hold long positions.

＄ETH

3350 is the price for the 60-day moving average on the 12-hour chart, which was mentioned in previous posts. Additionally, 3350 is also the weak retracement level of the golden ratio. Currently looking for a rebound, the thought process is consistent with BTC.

＄XRP

It has already broken the historical high, with a retracement on low volume, and the 4-hour chart clearly shows insufficient downward momentum. Breaking 3.32 indicates a successful reversal. This is a normal washout, similar to CRV SUI ENS UNI BNB #BTC .