8.18 Callback in Progress
1. From the weekly perspective, after BTC broke 110,000 and reached a new high, it did not effectively pull back the gains, instead falling into a long period of consolidation, which is undoubtedly very unfavorable for bulls. At the same time, ETH is also facing historical highs, and the correction from late August to September is reasonable.
2. I define this as a correction, rather than a market peak; it is still a pullback in a bullish trend on the weekly chart. A pullback of 20%-30% for BTC and 20%-40% for ETH is reasonable.