BTC/ETH Strategy on August 18th
How many long positions are left above 1180? Can short positions still enter the market?
Yesterday morning, the strategy remained bearish, but due to manipulation by the market makers intentionally raising prices to lure in buyers, the price experienced a 4-hour level rebound. We also promptly adjusted our strategy, entering long positions in Ethereum at the current price and securing a profit of 120 points before exiting.
Currently, the market shows a typical downtrend. Technically, the 4-hour chart shows a pattern of four consecutive bearish candles, and the resonance signal of the bearish arrangement of moving averages indicates a strong bearish tendency. However, the extreme contraction in trading volume and the price being close to the lower Bollinger Band in an oversold state suggest that the downside potential may be limited in the short term, with a potential for a technical rebound.
In the morning, a waterfall drop brought the price of Bitcoin to the 1150 level. As long as the daytime rebound cannot effectively break through the 1178 level, it indicates that the rebound is ineffective, and the downward trend will continue. Currently, the technical rebound signal has provided us with an opportunity to enter the market; remember, a rebound means short!
BTC should short around 1160-1168, with resistance at 1176.
Looking down at 1156-1142-1133.
ETH should short around 4348-4376, with resistance at 4438.
Targets are 4279-4231-4156.
