Sunday, August 10th, BTC Medium-Term Analysis, Looking for Continued Bullish Breakouts
August has officially begun, and as autumn approaches, the weather is gradually getting cooler. As the ancient saying goes: Spring brings life, Summer nurtures growth, Autumn harvests, and Winter stores. As we enter autumn, a season of harvest, may everyone have their granaries full and joy ever-present, carrying this season's gains into a more tranquil time.
In relation to BTC's trend, overall it is still in a bullish phase. Although there was a pullback at the beginning of the month, since the stop at the 111850 level, it has been running in a fluctuating upward trend. The recent high has reached around 118740. Ethereum has soared even higher, rising from 3354 at the beginning of the month to currently around 4332. Bitcoin has increased by 7000 points, while Ethereum has nearly reached 1000 points.
The increase is quite impressive. Of course, this is also aided by various news and supportive policies, as the market continues to break new highs in the face of many favorable conditions. This has also led to a significant rise in gold, commodities, altcoins, and other sectors, which is a very positive signal!
Returning to the charts, first from the weekly perspective, BTC shows a clear wave-like upward trend, experiencing high surges followed by corrective fluctuations before continuing to break new highs. The overall price is in an upward channel, and the lows are consistently rising. With Ethereum's pace steadily closing in, Bitcoin has little need for significant pullbacks. The overall trend remains strong.
Secondly, from the daily perspective, it follows the main structure, with short-term pullbacks not showing continuation. After touching support, there has been a rebound, and each rebound has had follow-through. Thus, it can be confirmed that the trend still belongs to the upward movement, and pullbacks present opportunities to add to positions. In the short term, do not fear heights; while you may be afraid, Ethereum continues to break new highs. Therefore, for future participation, maintain a bullish mindset!
For next week, BTC's medium-term outlook can refer to: bullish at 117000-115000, with attention to previous highs at 123000-127000; Ethereum can refer to bullish at 4000-3800, with attention to previous highs at 4500-4800,
