8.12 Midnight Bitcoin and Ethereum Market Analysis
From the 4-hour technical analysis of Bitcoin, the middle rail of the Bollinger Bands continues to rise sharply, constructing a mid-term bullish channel, laying a strong support for the price. When the price hit the previous high of 122450 and encountered resistance and fell back, the K-line entity gradually narrowed, the strength of the negative line weakened, and it quickly stabilized after probing near the key level of 119345, demonstrating the resilience of the bullish acceptance. During the upward phase, a large volume was released to release offensive momentum, and the volume of the callback cycle suddenly shrank to a stage low, reflecting the exhaustion of selling pressure. At the same time, the short-term moving average maintains an upward slope, forming a "double support resonance" with the middle rail of the Bollinger Bands, further strengthening the bullish momentum. If the support of the middle rail of the Bollinger Bands is effective, it is highly probable that it will rely on this support to start a wave of rebound, challenge the previous high again, or even break through to open up new upward space. The technical aspect is biased towards a continuously strengthening bullish pattern. Reminder reminder, set a good stop loss!
Bitcoin can be bullish near: 119200-118600, target near 120900-122000
Ethereum can be bullish near: 4260-4230, target near 4350-4400
