8.20 Midday Silk Road
The morning downturn broke the first support and started to rebound, reaching around 112500 and back to around 113600. Looking back at this round of downward movement, it fell from the high points of 124500 and 4794 to the low points of 112500 and 4060, with the overall downward range relatively large. Currently, the market is stabilizing near 112000 and the middle line of the Ethereum daily Bollinger Bands. The focus should be on the strength of support at this position moving forward.
In terms of daily candlestick patterns, after several consecutive days of closing in the red and forming a large bearish candlestick, signs of a rebound have now appeared, indicating a short-term signal of stabilization; at the same time, the 4-hour cycle has also shown signs of stabilization.
Bitcoin is hovering around 112500-113300, looking towards 115000-116000.
Ethereum is hovering around 4150-4100, looking towards 4250-4300.
