25/08/06 BTC continues in a descending channel, the adjustment period may be prolonged, where is the bottom-fishing opportunity for ETH?
Bitcoin is under short-term pressure below 115700 and 114700. Although it briefly dipped to 112600 last night, the rebound still did not break through effective resistance, and it continues in a descending channel. Pay attention to the breakout situation of this channel.
Ether's upward rebound has broken below the 20-day moving average, and it once again tested the pressure at 3750 before falling back. In the short term, pay attention to the support at 3550. If it breaks, there is still room for a decline in the short term, so for now, we cannot be too optimistic. Previously, we entered a position near 3350, and if it continues to fall, we will consider adding positions.
This cycle is the best in the history of cryptocurrencies. With Dong Wang promoting crypto and 2025 being the IPO year, we have seen many crypto institutions seeking to go public. Recently, many exchanges are also looking for listings, so this market is the best bull market, but it is also a relatively difficult bull market to make money in. Bitcoin usually adjusts after rising and often experiences false breakdowns.
Ether has been repeatedly bouncing around the 3000 level in this large cycle, which is actually an adjustment of a weekly convergence triangle. In the altcoin sector, it is basically polarized, the strong remain strong, and the weak remain weak. After each rally, Bitcoin slightly corrects, and altcoins basically fall back to their original points. Very few outperform Bitcoin.
Bitcoin
The daily price has not returned above 114700 and 115700, in the short term still leaning bearish. No matter if the daily line is in a descending channel or a descending wedge, as long as the downward trendline is not broken, it remains weak.
The daily line has not yet broken the previous low, so there is still a glimmer of hope. The son also reminded at the 4-hour level yesterday that if this descending channel continues, it will test the previous low position. Only if it breaks through this channel in the short term, there is a chance to test the harmonic pattern 0.886 at 116000 to 118000. The second method mentioned yesterday is to drop to the support at 105000 to 107000 and then rebound.
Support: 105000 to 107000
Pressure: 116000 to 118000
Ether
Ether's spike at 3354 was once again suppressed by 3750, currently still testing the support at 3500. The daily line is being suppressed by the 20-day moving average, and if the proportional decline continues, there is a chance to enter around 3000 to 3150 for medium to long-term.
ETH/BTC exchange rate weekly has been suppressed by the 60-day moving average since July 2023. This is the first challenge to this pressure, let's see if it can break through. Once it breaks, there is a chance to reach around 0.043. Similarly, if Bitcoin continues to correct, Ether is also likely to be dragged down.
Support: 3150 to 3350 to 3500
Pressure: 3750 to 3941
