Crypto Circle Scholar: On August 17, Bitcoin and Ethereum shorts run rampant. Should we buy the dip? Let's wait! Latest market analysis and reference suggestions
Current Bitcoin price is 117600, it is now 1:30 AM Beijing time, and the market has returned to the same level as yesterday when the article was published. With the weekend included, the main players are popping champagne after a wave of liquidation, and we can say we have also benefited from the main players. Without going into the previous market situation, let's look at the current order book. The daily candlestick is currently fluctuating narrowly within the trend indicator, facing resistance at the EMA30 trend support of 116800. The focus remains on the bearish trend, with key support at 113750; if it holds, a rebound may occur, but if it breaks, it will continue to drop. The four-hour candlestick shows a declining volume trend, with short-term upward movement facing resistance at the upper pressure level of 118000. Bears have been accumulating, while bulls are losing strength. Be defensive, and pay attention to the Bollinger Band middle track pressure level of 119200; if it doesn't break, the trend remains bearish.
Short-term reference
Going South: 113000 to 112500, with a defense at 112000, stop loss at 500 points, target looking at 114500 to 115000, breaking point at 115500.
Going North: 118500 to 119000, with a defense at 119500, stop loss at 500 points, target looking at 117500 to 117000, breaking point at 116500.
Ethereum
Current Ethereum price is 4400, it is now 1:30 AM Beijing time. The daily line continues to trend bearish, and the EMA trend indicator continues to show weakness in lifting. The EMA15 has already reached 4200. Overall, the short-term bearish trend is inevitable; there is a small probability of stretching before the bears have finished. Based on the trend, key supports at 4200 and 4000 must be explored before the main players will pull back. The four-hour candlestick trend support is at the positions of 4200 and 4065. MACD shows reduced volume, and the candlestick has not lifted. The two-level weathering formed by DIF and DEA leads to an extremely narrow stage in the market. Pay attention to the upper pressure level of 4550; if it doesn't break, the middle track of the Bollinger Band can consider continuing to go south; if it breaks, stop loss and go north.
Short-term reference
Going South: trial entry point at 4500 to 4550, with a defense at 4600, stop loss at 40 points, target looking at 4450 to 4400, breaking point at 4350 to 4300.
Going North: trial entry point at 4200 to 4150, with a defense at 4100, stop loss at 40 points, target looking at 4300 to 4350, breaking point at 4400 to 4450.
Specific operations should be based on real-time market data. For more information, please consult the author. The article may be published with delays, and the suggestions are for reference only; risks are borne by the reader.