Analysis on the Early Morning of August 6
Looking back at the evening, Bitcoin oscillated ↓ from the level of 115100, reaching a low of ↓ 112600 before entering a brief consolidation phase.
From the hourly Bollinger Bands perspective, the opening of the bands presents a trumpet shape, indicating a signal of intensified short-term volatility. The middle band and the ↓ lower band are both turning ↓, and the overall channel shows a downward inclination. Although the support level of the lower band has been consistently broken by Dian Wei 📉, it has not yet been significantly breached.
Therefore
Bitcoin can be traded around the range of 112500-111800
with a target near the range of 113700-114500.
Ethereum can be traded around the range of 3530-3460
with a target near the range of 3640-3700.
