8🈷️15日 Market Interpretation
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＄BTC is oscillating around the central axis, looking for a rebound. After the rebound, pay attention to the appearance of a 2-sell signal on the 30-minute chart. The rebound can focus on the 50% and 61.8% Fibonacci retracement levels, corresponding to prices of 120800 and 121600.
＄ETH Ethereum will form a central axis at a high level and then choose a direction. Looking for a rebound on a smaller timeframe! The daily chart shows a strong engulfing candlestick pattern, pay attention to the strength of the rebound. If a small-level rebound shows exhaustion, consider entering a short position to prevent the formation of a 2-sell signal. The daily and 4-hour structures of Ethereum are clear and complete, indicating a significant need for a correction! Don’t get stuck at the peak! The daily level belongs to the fifth wave of a five-wave sequence, and there will definitely be an ABC correction later, which will take time!
SOL, LINK, XRP, etc., have all shown a strong engulfing pattern on the daily chart and a top formation! The halfway point of the rebounding bearish candlestick can serve as a reference for resistance! Prevent the formation of a 2-sell signal on the 30-minute chart to avoid further declines!
Summary: Currently, the market trend is leaning towards downward oscillation. Going long can only look for rebounds; be cautious of chasing highs and getting stuck.
