8.14 Evening Bitcoin and Ethereum Analysis
After the PPI data was released, the market's short-term sentiment suddenly turned bearish, and the overall market experienced a sharp decline. However, after hitting a low, a quick long lower shadow rebound occurred, indicating that the selling pressure did not form a persistent downward trend, and bullish funds showed a clear willingness to support at key support levels.
Combining with the overall structure of the market, this round of decline is more of an emotional pullback triggered by news rather than a trend reversal, and the altcoins that had previously seen significant gains did not experience widespread panic selling, indicating that the overall bullish confidence in the market remains.
Operationally
Bitcoin: Pay attention to the support range of 118000-117500, enter long if it retraces without breaking, short-term target 118800-119500, if it successfully breaks through 120000, consider looking at the previous high.
Ethereum: Pay attention to the support levels of 4550, 4500, and 4380 to buy on dips, target 4670-4730, and if it breaks strongly, look at the previous high of 4800.
