8.12———- Bitcoin and Ethereum Market Analysis
$BTC Bitcoin was previously mentioned, breaking 118200 can be seen as the start of a reversal. After the breakout, a natural pullback to this position belongs to breakout retest. Now that it's at this level, we need to see how strong the rebound is; whether it can break a new high depends on this wave.
✅ The first support below is 117488-116488
✅ Where is the daily support? 115888, this is the last defense for bulls and cannot be broken; if it breaks, it will initiate a decline.
✅ As mentioned above, 121700 can only be shorted once and cannot be shorted again; any position above cannot be shorted again.
$ETH Ethereum is currently in a consolidation phase, 3166-3466
No analysis is needed during the consolidation phase