8.19 BTC/ETH Midnight Shipping Silk Road
In the 4-hour cycle of BTC, after falling from the previous high point, the downtrend is clear and strong. The rebound after hitting the bottom near 114605 is very weak, merely a brief 'pullback' during the decline, unable to reverse the overall downward trend. The current market is still dominated by the downtrend, and the short-term rebound seems more like a buildup of strength for the downtrend rather than a reversal signal.
Yesterday morning's decline was smooth, and the weakness continued until the US market barely rebounded. The higher this current rebound goes, the greater the risk of a subsequent decline, with shorts potentially gaining strength again at any moment, leaving limited space for long positions.
Operation Suggestions
BTC: Step back around 116600 - 117400, target 114200 - 112700, aggressive traders can enter at current price!
ETH: Step back around 4350 - 4380, target 4250 - 4160, aggressive traders can enter at current price!
