8.16 Saturday Evening Market Analysis

After a previous surge and pullback, the price has stabilized at the key support level of 116736, with selling pressure significantly diminishing. The MACD indicator shows a bullish crossover with the DIF crossing above the DEA, and the green bars are turning red while momentum continues to build. Although there is slight pressure from the moving averages in the short term, as long as the volume follows through, a breakout above the resistance level is imminent. Overall, the current adjustment seems more like a process of gathering strength.

After a dip to the key support level of 4364 during the day, there has been some stabilization. From a technical perspective, although the MACD indicator is still in the recovery stage, the price has found support near the MA moving averages, and the pullback from the previous upward trend has been relatively controlled. If the 4364 support level can be maintained going forward, along with gradually improving volume, there is hope to regain an upward momentum relying on the moving averages. Key attention should be paid to the effectiveness of the support.

Bitcoin can be traded around: 116700-117200, with a target of 117800-118900.

Ethereum can be traded around: 4380 - 4330, with a target of 4480, 4550.