Market Analysis for August 6th Morning

Yesterday, Bitcoin faced resistance around 115100 and continued to decline, reaching a low of 112600 before stabilizing, followed by a slow recovery phase.

From the hourly chart structure, the lower boundary is in a consolidation state, indicating that the support at 112600 is strong, and the bears have failed to break this support level and push the lower boundary down. There hasn't been an extremely weak pattern in the short term. However, the upper boundary and middle boundary are still showing a slight downward trend, indicating that the bullish rebound momentum has not yet fully developed, and the overall situation remains in a weak consolidation range. It is noteworthy that during the bullish recovery process, the price is able to operate around the middle boundary, suggesting that upward momentum still exists.

Today's trading suggestion:

Bitcoin can be positioned for a low long in the range of 113000-112500, with the initial target set at 114000-114700.

For Ethereum, it is suggested to enter a low long position in the range of 3530-3480, targeting 3620-3670. $ETH $BTC