The morning market trend for August 8 is here
From the 4-hour K-line perspective, the market showed a smooth upward trend last night. The previous price was oscillating at a low level, and after multiple small K-lines tested repeatedly, there was a sudden surge in volume, with a long bullish candle directly breaking through the moving average resistance. It then steadily rose along the moving average, reaching a maximum near 117580 where it encountered resistance, and is currently in a slight pullback and consolidation state.
On the support side, it is important to focus on the 116000-116500 range in the short term. This range is both the support area of the moving average cluster and the upper edge of the previous oscillation range. If the price can stabilize upon retesting this area, there is still a chance for continued upward movement; further down, 115000 is a key defensive level, as it has not been broken despite multiple tests, indicating strong stability.
On the pressure side, 117580 is the short-term resistance level recently. If it can be effectively broken, one can continue to look towards the 118000 line, where there may be historical resistance.
Operational strategy:
Long position: You can wait for the price to pull back to the 116500-116800 range. When the moving average support is solid and indicators do not show a clear downward turn, you may enter with a light position, setting a stop loss below 116000, with the initial target at 117580. If it breaks through, then look towards 118000.
Short position: You need to wait for the price to rebound to the 117580-117800 range and encounter resistance. If there is a top divergence or a K-line engulfing pattern, you may try to position lightly, with the stop loss above 118000 and the target at 116500; if it breaks, then look down at 115000.
Overall, in the short term, focus on support in the 116500-116000 range and resistance in the 117580-118000 range. It is recommended to rely on the 4-hour moving average and key high and low points to choose the timing for entry and exit, with operations ideally maintaining a light position with risk. Stay updated with A Fei's strategy #比特币流动性危机 #特朗普允许401(k)投资加密货币 #ETH巨鲸增持 $ETH $BTC
