August 17th Thoughts and Suggestions
As expected, the air market conditions on Saturday and Sunday remained largely volatile. However, this pattern is also suitable for short-term trading. If you seize the opportunity, you can make money on both Kongdan and Duodan. Uncle Zhang also led his friends in some trading. Although the returns were small, they were quite good. I will only show a portion of the results here.
Technical analysis of the 4-hour chart of Bitcoin shows that the current price continues to trade below the middle Bollinger Band, and the middle band has also turned downward. Recent attempts to rebound near the middle band have been met with significant selling pressure. The K-line charts have mostly closed with small bullish candlesticks with long upper shadows or directly declined, directly reflecting the extremely weak momentum of Duodan breaking through the key resistance level. Although there is currently a rebound trend, there are no clear reversal signals. The stock is still fluctuating between the middle and lower Bollinger Bands. However, an upward turn of the lower Bollinger Band is a concern. Furthermore, the Bollinger Band width has not shown any significant signs of narrowing, indicating that the current downward trend structure has not yet loosened and lacks technical signs of a trend reversal. The price is likely to continue its correction below the middle Bollinger Band. A break below the lower support band could trigger a new round of decline. Focus on real-time market analysis and set stop-loss orders for peace of mind.
Short-term Recommendations:
Bitcoin around 118,200, target around 116,800
Ethereum around 4,480, target around 4,380
