August 20th Bitcoin and Ethereum Market Analysis and Trading Ideas
The daily chart shows that the recent price quickly rebounded from the low of 4223 on the 12th to the high of 4576 on the 17th, followed by a continuous decline, currently forming a震荡下行趋势 (oscillating downward trend). The hourly chart shows a clear downward channel from last night to this afternoon, with highs gradually decreasing and lows being refreshed continuously. The MACD on the hourly chart shows both DIF and DEA below the zero axis, and DIF continues to diverge downwards, indicating strong bearish momentum; the daily MACD green bars are shortening, but no golden cross signals have appeared yet. The hourly RSI is at 40, close to the oversold range, indicating a potential technical rebound demand in the short term; the daily RSI remains in a neutral to weak area. The hourly EMA7 at 4129 has fallen below EMA30 at 4204 and is far from EMA120 at 4339, indicating a bearish trend in the short and medium term; the daily EMA arrangement still favors bears.
Ethereum: Short near 4180-4220, target around 4080 Bitcoin: Short near 113800-114000, target around 112500