Evening Analysis on August 16
Reviewing the day, the overall bitcoin has maintained a narrow oscillation and consolidation pattern, with both sides locked in a phase of balance.
From the hourly Bollinger Bands perspective, the band is showing a clear contraction, with the three lines running nearly horizontal and parallel, indicating that the short-term volatility is continuously narrowing. Bitcoin has successfully broken through the middle band resistance and is steadily moving upward, signaling an increase in short-term bullish momentum.
In oscillation trends, the middle band often acts as a watershed for strength and weakness. After Bitcoin firmly stands above the middle band, the position of the middle band is expected to transform into a short-term support level, providing a buffer for subsequent upward movement.
Therefore,
Bitcoin can oscillate in the range of 116800-116300.
The target can be around the range of 118200-119000.
Once reached, a reversal can be considered.
Ethereum can oscillate in the range of 4390-4340.
The target can be around the range of 4520-4580.
Once reached, a reversal can be considered.
