8.20 Auntie's pressure of 900,000 coins on the chain continues, will the market continue to plummet?
Bitcoin's pullback pressure is significant, continuing to decline from its historical high of $124,500, currently trading around $115,000, with an intraday drop of nearly $10,000. The MACD on the 4-hour level maintains a death cross, and the RSI has fallen to 45, favoring bears. The middle band of the Bollinger Bands has been breached, opening up downward space. Support level at $112,500, if broken, could accelerate selling towards $110,000.
Ethereum has been continuously retreating since the high of $4,794 on August 14, reaching a low of $4,167, currently fluctuating around $4,185. A "bearish engulfing" pattern is forming on the daily chart, the MACD on the 4-hour level is below the zero line, and the KDJ is oversold but lacks strength to rebound. If it breaks down, it may look toward $4,000.
For friends who have not had ideal operations in the recent market, consult btc0796 to find me and discuss the market together.
Operation suggestions:
Short Bitcoin at 115,500-116,000, target around 113,000-110,000. Defensive at 117,000.
Short Ethereum at 4,300-4,350, target around 4,150-4,000. Defensive at 4,400.
