8.11 Afternoon Technical Analysis
Reviewing the morning, the Bitcoin showed a strong upward trend, and Dianwei continued to rise after reaching a support level, once again standing above the 120,000 mark. After touching around 122,200, it temporarily paused, and the market sentiment showed significant warmth.
On the daily level, the short-term moving averages are showing an upward arrangement, with Dianwei continuously operating above the moving averages. The upward trend pattern remains intact. The upward process is accompanied by a moderate increase in volume, indicating strong support from the market, without any obvious volume divergence signals, suggesting a strong continuation of the short-term trend.
Currently, the market is in a clearly defined 📈 phase, and "do not go against the trend" remains the core principle. The trend is relatively strong, and looking for opportunities to buy on dips is more cost-effective.
Therefore,
Bitcoin can be positioned around the 121,000-120,500 range for buying on dips,
targeting around the 122,200-123,000 range.
Ethereum can be positioned around the 4,280-4,230 range for buying on dips,
targeting around the 4,380-4,450 range.
