8.13 Wednesday Bitcoin Analysis
The Bitcoin price first dipped to 119172 before stabilizing and rebounding, peaking at 120324 in the early hours but faced resistance and retreated; Ethereum continued to show strength, surging directly to 4637 in the late night before taking a breather.
On the four-hour chart, Bitcoin's pullback has narrowed, the upper Bollinger Band is approaching, and the KDJ has formed a golden cross and is diverging, with bulls regaining dominance; on the hourly level, the MACD is widening, and the pullback is merely a correction with limited downside potential.
Trading Strategy:
Bitcoin: Buy between 118000-118700, initially targeting a breakthrough of 120000. Today, Bitcoin is likely to experience a supplementary rise, and if the breakout is successful, continue to target 122000-123000.
Ethereum: After consecutive rises, initially look for a pullback to support levels at 4500 and 4430; if these levels hold, continue to look for a low buy targeting 4600-4700.
