8.15 Early Morning Bitcoin and Ethereum Technical Analysis

Yesterday's market saw significant fluctuations. In the morning, Bitcoin experienced an upward trend, reaching a new high of 124,545, but in the evening, it sharply dropped to a low of 117,339. Ethereum initially rose to 4,794, then plunged to 4,455 in the evening before a slight rebound, overall showing a pattern of rising first and then suppressing.

Looking at the 4-hour candlestick chart, Bitcoin's earlier bullish momentum was strong, but it is now experiencing a correction. This correction seems to be a normal digestion of profit-taking by bulls: the price is approaching the lower Bollinger Band for support, and although the MACD shows short-term bearish momentum, when combined with the previous strong performance, it appears more like a corrective consolidation rather than a trend reversal. Overall, the foundation for the previous bullish trend remains, and if the price stabilizes near the lower band, there is a high probability of upward correction afterward, with further room for bulls.

Trading Suggestions

- Go long near 117,000 for Bitcoin, targeting around 119,000.

- Go long near 4,500 for Ethereum, targeting around 4,650.