8.18 Evening
On the 4-hour level, after a sharp decline, the price of the coin has entered a state of fluctuation, but overall it is still on a downward trend. The MACD histogram has consistently been green, and the fast and slow lines are diverging downwards, indicating that the bearish force is clearly dominant. The MACD on the daily level also shows a dead cross, further illustrating the weakness of the market. The RSI is only 28.87, almost falling into the oversold zone. There may be a slight rebound in the short term, but don't think too much— the daily RSI has not yet reached extreme values, and there is still room for decline.
Looking at the weekly chart, it shows a typical "double top" pattern, with 124474 almost being a peak for this phase. The daily trend clearly shows that bears are in control, the MACD has diverged, and trading volume is shrinking. Prices are falling, but the volume hasn't kept up, indicating weak buying support. There is significant pressure above, making it a good opportunity for shorting!
The rebound for Bitcoin can be shorted near: 115500-116800, with a target of 114400-113500.
The rebound for Ethereum can be shorted near: 4320-4360, with a target of 4220-4150.
