Technical Analysis: BTC Bitcoin
Since hitting a new high in mid-July, BTC has entered a top box consolidation and a gradual downward adjustment structure. It is currently in the technical repair phase after the previous sharp decline, mainly repairing the deviation space between the K-line and the moving average caused by the decline. Last week's pullback was accompanied by a moderate increase in volume, indicating that some funds chose to leave or turn to a wait-and-see attitude.
In the short term, although there has been a rebound in the past two days, the volume has continued to shrink, the rebound momentum is obviously insufficient, and an effective V-shaped reversal structure has not yet formed.
Important support below focuses on the 110,000 US dollar line, which serves as the resonance support of the previous platform top range and the MA90 daily moving average. Once it falls below, the support of the previous platform bottom 105K area needs to be watched.
On the 4-hour cycle, yesterday's US market repeatedly failed to break through the high, leaving a long upper shadow line, indicating that the upward momentum is lacking and the main funds lack the willingness to actively enter the market. The current K-line shows a large solid negative line, which risks giving back yesterday's gains.
Operation suggestion: Pay attention to the pressure in the 115,000-116,000 area above. If resistance is encountered, consider laying out short opportunities; focus on the support in the 113,500-112,500 range below. If it breaks, be alert to further downward exploration.
ETH Ethereum:
ETH has pulled back from the high point at the end of July and built short-term support in the 3700 area. Last week, it broke through the volume and stepped back to around 3400 points where the MA30 daily moving average is located. Affected by the recent rise in expectations of a potential interest rate cut by the Federal Reserve, ETH has rebounded in the past two days and attacked 3700 again, but then fell back, indicating that the current trend is in a volatile pattern of "pressure above and support below", and the short-term direction is still unclear.
From the perspective of trading volume, yesterday's volume positive line shows that there are still active funds involved in the market. However, Bitcoin, as the primary beneficiary of macro-positive (interest rate cut), has reacted relatively flat, indicating that market sentiment has not fully recovered, which is also a side reflection of the ETH decline.
If it can consolidate the 3600 support and stand on 3700 again in the future, it is expected to challenge the previous high of 3941 points. But if it breaks 3600 again, it may re-explore the 3400 area. A solid negative line has appeared on the 4-hour chart, which may disrupt the rebound structure in the short term.
Operation suggestion: Pay attention to the pressure in the 3680-3720 range above; focus on the support in the 3620-3580 below. If 3580 is lost, look down to the 3520 line support.
