8.16 Morning Analysis of Bitcoin and Ethereum
Today, Bitcoin needs to focus on the effectiveness of defending the secondary low point, while the breakout point constitutes key support. It is expected that there is a high probability of continuing to oscillate upwards during the day.
This period will be accompanied by consolidation and pullbacks to accumulate momentum.
Yesterday, it stabilized above 116000 after a pullback, waiting for the price to break through the previous high to continue the upward trend. From a four-hour perspective, 116500 serves as a support level, showing a structure of oscillating upward channel. The technical pattern continues to look bullish.
Bitcoin can be traded in the range of: 117000-117300, targeting 118500.
Ethereum can be traded in the range of: 4370-4400, targeting 4500.
Bitcoin should defend below 116500, Ethereum should defend below 4370.
Key reminder: The current market has stabilized at a low position, forming support. Do not short in a bearish outlook; instead, wait for stabilization below to enter long positions!
