Market Analysis for August 9th
$BTC Weak Fluctuation, Key Support at 115500
$ETH Strengthening, indicating a divergence in capital; the view on Ethereum is that this position is a major fourth wave correction. After the pullback, 4000 is likely to be a breaking high point. Additionally, currently starting from 1380, it is operating in the fifth wave on the 4-hour chart. Using the third wave to measure the fifth wave, the target area is around 4800-4900. {This is just a prediction}
From the 15-minute, 30-minute, and 1-hour charts, the price has been consistently above the 60 moving average. My trading system involves going long on a 5-minute golden cross and holding as long as the 15-minute does not break the 60. Each time it reaches the 60 moving average is an opportunity to add to positions! Furthermore, currently, the third wave in the fifth wave on the 4-hour chart is an extended wave! Do not short easily!
Opportunities to go long are near the pullback to the 30-minute and 1-hour 60 moving average! Until the fifth wave structure on the 4-hour chart is completed, only consider it when a clear exhaustion divergence appears on the 1-hour chart!!!
