Cryptocurrency Market Analysis: Will the Evening Star Appear on Bitcoin at 116,800 on August 11? A Major Clash Between Ethereum Technology and Market Sentiment!
The current price of Bitcoin is 116,800. The analysis indicates that Bitcoin is in a high-level consolidation state, with prices nearing a strong resistance level of 119,700. However, technical signals suggest that the market may face correction pressure. The emergence of the Evening Star pattern and the divergence between volume and price due to shrinking trading volume indicate insufficient upward momentum, and the market may enter a correction phase. Meanwhile, the performance of the support level at 116,300 will be crucial for whether the market can maintain consolidation in the short term. Finally, it is recommended that traders approach the strong resistance level of 119,700 and implement a high sell strategy due to the Evening Star pattern and volume-price divergence signals, which aligns with the current market structure. If the price breaks through and stabilizes above the 120,000 resistance level, then stop-loss should be applied. The strong support area at 116,300, along with a neutral external environment, does not constitute significant pressure. Therefore, adopting a low-buy strategy near the support level is considered a sound choice to capture short-term rebound opportunities,
Today's Price Prediction
Buy at 116,000, add at 115,500, stop at 500 points, target 117,000
Sell at 119,500, add at 120,000, stop at 500 points, target 116,500
The current price of Ethereum is 3,820. The analysis reveals the contradictory characteristics of Ethereum's technology and sentiment. From a technical perspective, the bullish alignment of moving averages and the recent golden cross indicate a bullish trend in the market. However, the extreme shrinkage of trading volume and the emergence of the Evening Star pattern weaken the reliability of this trend, suggesting potential correction risks in the short term. The price currently lies between the key support at 3,940 and the resistance at 4,335, and the market direction remains unclear. The bullish alignment of moving averages shows a golden cross trend, enhancing momentum. The shrinkage of trading volume creates a volume-price divergence, weakening the reliability of the bullish trend. The K-line shows an Evening Star pattern, indicating a bearish reversal signal, which contradicts the moving average trend. Ultimately, it is advised that traders approach the strong resistance level of 4,335 and, in combination with the shrinking trading volume and the bearish signal from the Evening Star pattern, take a short position. If the price breaks through and stabilizes above 4,350, the strategy will become invalid. The support level of 3,940, combined with the bullish trend signals from the moving average alignment and golden cross, indicates a buy opportunity.
Reference
Buy point 4,150, add at 4,100, stop at 30 points, target 4,250
Sell point 4,300, add at 4,350, stop at 30 points, target 4,200
