Analyst Liang Qiu: Bitcoin/Ethereum Fluctuates Widely on August 11, What Does It Mean?

Ethereum is still at the same position as it was last night, only experiencing a spike breaking the high point before retreating. Bitcoin broke the recent significant resistance at 120,000, reaching a high of 122,450, but has since retreated and is currently breaking below the 120,000 level again. The long positions we set up last night at 4,160 and 118,000 reached a high of 122,450 and 4,349 respectively, which is relatively good overall. However, with the current drop in price, the four-hour level continues to close in the red, breaking the four-hour low. Although Ethereum has returned to last night's position, since it has broken the price level, we cannot look at range fluctuations anymore.

After Bitcoin broke the 120,000 level, we can look at this position as short-term resistance again tonight, and Ethereum should follow accordingly. From the short-term cycle perspective, we can look for a drop below the short-term resistance of 4,230 to 4,250. Tonight, we will first observe the strength of the rebound, waiting to enter short positions after a rise, and pay attention to Bitcoin’s attempt to rise again near the 120,000 level for Ethereum's price point. If the trend changes, adjustments need to be made in a timely manner.

Tonight’s trading suggestion: enter short positions for Bitcoin around 120,000 to 120,500, targeting around 118,000; enter short positions for Ethereum around 4,210 to 4,240, targeting around 4,140.

【The above analysis and strategy are for reference only. Please bear the risk yourself. The article's review and publication may not be timely, and specifics should be based on real-time data】 #比特币市值超越亚马逊