Crypto Circle Academician: On August 16, Bitcoin and Ethereum experienced a sharp decline, triggered by whale sell-offs!
Bitcoin's current price is 117,600. It is currently 1:30 AM Beijing time. The previous day's price of 123,000 along with yesterday's resistance level of 119,000 has been reached. The remaining can still be held. For those who have not entered the market, it is advisable to observe, as the daily K-line has now reached the EMA30 trend support point around 116,700. The next step is the Fibonacci retracement level of 0.786 support at 113,800. At the same time, the daily K-line has also broken below the middle band of the Bollinger Bands at 117,000 and is now consolidating around this level. The four-hour K-line has formed a small head and shoulders top trend, breaking the trend indicator, entering a bearish phase. The lower support of the Bollinger Bands has come down to 116,300. Overall, if it cannot drop below 117,000, there will be a small pullback within the day, focusing on the upper pressure level of 118,500 for another decline, maintaining a bearish outlook.
Short-term Reference
For the upward movement: 113,000 to 112,500, with a stop-loss at 112,000, risking 500 points, targeting 114,500 to 115,000, with a break point at 115,500.
For the downward movement: 118,500 to 119,000, with a stop-loss at 119,500, risking 500 points, targeting 117,500 to 117,000, with a break point at 116,500.
Ethereum
Ethereum's current price is 4,420. It is currently 1:30 AM Beijing time. From the current trend, there is no better downward entry point than 4,750. The daily K-line has broken below the neckline, with a bearish trend approaching. Focus on the EMA15 trend fast line support at 4,155 and the middle band of the Bollinger Bands at 3,960. The four-hour K-line has already broken below the EMA30 trend line at 4,478. The next steps are to focus on the support levels at 4,286 and 4,140. The MACD has been continuously decreasing in volume, and the main line of the market has seen whales selling large amounts of Ethereum, and a sell-off scenario cannot be ruled out. The four-hour K-line has reached the lower band support of the Bollinger Bands at 4,400, which is the short-term support. If it breaks, it will continue to dive. From a trend perspective, the bearish trend will continue in the short term, maintaining a bearish outlook and temporarily not considering long positions.
Short-term Reference
For the downward entry point: 4,500 to 4,550, with a stop-loss at 4,600, risking 40 points, targeting 4,450 to 4,400, with a break point at 4,350.
For the upward entry point: 4,200 to 4,150, with a stop-loss at 4,100, risking 40 points, targeting 4,300 to 4,350, with a break point at 4,400.
For real-time market data, please consult the author for more information. The publication of this article has a delay and is suggested for reference only; risk is borne by the reader. $BTC