8.4 Bitcoin Continues to Break Support, Bears Have Become the Norm, Where are the Gaps in the Subsequent Market?
BTC is under clear short-term pressure, and recent data from large transactions in the last 12 hours shows a net outflow of major funds, with total sales significantly exceeding purchases, indicating a short-selling trend. Especially in the latest 1-hour cycle, large market sell orders continue to suppress prices, indicating that selling pressure from major players still exists. Combined with the current candlestick pattern, the doji and the double top pattern further confirm strong resistance above, suggesting a potential continuation of the pullback in the short term. Although the MACD has crossed above the zero axis, the KDJ has entered the overbought zone and is diverging downwards, indicating an increased risk of a pullback.
ETH shows strong bearish signals in the short term, with the current price falling below the support of both EMA24 and EMA52, and both moving averages are clearly declining, suggesting increased downward pressure in the medium to short term. At the same time, although the KDJ shows a golden cross, the MACD histogram continues to shrink, confirming that downward momentum is still accumulating. Combined with the chip distribution, a strong resistance level has formed around 3600, with no significant support below. The current candlestick pattern also shows a bearish engulfing pattern, coupled with the volume aligning with short positions, indicating a potential continued decline in the short term. For friends who are dissatisfied with the recent market operations, consult btc0796 to find me for market discussions.
Operational Suggestions:
Short Bitcoin at 115000-115500, target around 113000-111000. Stop loss at 116500.
Short Ethereum at 3550-3590, target around 3420-3320. Stop loss at 3630.