8.18 Afternoon Analysis of Bitcoin
In the afternoon, Bitcoin successfully completed the gap filling, and the market entered a short-term repair phase. The range of 115000—114600 is effectively supported, which is an important support level formed during the previous fluctuations. Currently, there are signs of divergence as the market moves upward, indicating that the selling pressure is gradually diminishing during the downward process, which instead accumulates momentum for a bullish counterattack.
Ethereum is also consolidating after filling the gap, with short-term support resting in the 4250—4230 area. If it further retraces to the 4200—4160 range, it is highly likely to form a temporary bottom. The overall structure tends to build a bottom through consolidation, and after the repair is completed, a V-shaped rebound is expected, with a relatively considerable rebound potential.
Trading Suggestions
For Bitcoin, gradually buy in the range of 114400-115000, targeting 117000—118600.
For Ethereum: gradually allocate in the range of 4220-4250, and if it reaches around 4160, increase positions with a target of 4400—4550.
